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Marktkapitalisierung
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Bitcoin Aktie
NewsBTC 2023-11-29 23:00:39

XRP Price Prediction: Analyst Identifies 3 Key Factors That Will Trigger Parabolic Move

XRP Price Prediction: Analyst Identifies 3 Key Factors That Will Trigger Parabolic Move

The XRP price keeps being projected to enjoy a massive rally soon enough. Many have continued to speculate when this might happen. A crypto analyst has some answers, as he has highlighted three key indicators that could trigger this rally. Three Determinants For A “Parabolic Move” In a post shared on his X (formerly Twitter) platform, crypto analyst JD noted that XRP’s monthly was coming. He went on to state three things that “need” to happen if XRP is to see a massive rally. The first factor he highlighted was the Stochastic Relative Strength Index (SRSI). He stated that there has to be a bullish cross on the SRSI. Related Reading: MasterCard Coming To XRP? Prominent Developer Teases Major Upgrade The SRSI is a technical indicator that is generally used to forecast market trends. It measures the strengths and weaknesses of the relative strength indicator (RSI). It is from this RSI it also derives its value from. Source: X Still emphasizing the SRSI, JD stated that the second factor is that both SRSI lines must cross above 80. This level refers to an overbought condition in the XRP market. As such, it is unclear why JD considers it bullish, considering that traders usually see an overbought condition as a sell signal with an impending correction in mind. XRP Price To Breakout In 2025 For the third factor, JD alluded to an 8-year trendline break. In the accompanying chart that he shared, one could see that he was projecting XRP to break out in 2025 following 8 years of consolidation. In the chart, he also highlighted how XRP broke out in 2017 after a 4-year consolidation. Some analysts seem to be betting on XRP, enjoying a similar rally to the one that happened back in 2017. The crypto token is known to have seen a 61,000% gain in 280 days and crypto analyst CryptoInsightUK recently shared his thoughts on that happening. Without directly stating if a repeat could happen, he outlined several factors that put XRP in a better position than then. Related Reading: Institutional Investors Pour $346 Million Into Crypto – Here Are The Winners Another crypto analyst who has referred to the 2017 period in his projection is Egrag Crypto. He recently mentioned that $27 is a “plausible target” for XRP’s price with the 2017 surge in mind. He didn’t, however, mention when exactly XRP could attain such heights. More recently, Egrag stated that XRP is on the “brink of a bullish cross.” Many analysts continue to give their opinion on what price level XRP could hit, with some stating that XRP could rise to as high as $10,000. It remains to be seen how much of these bullish projections will be actualized. At the time of writing, XRP is trading at around $0.61, up over 1% in the last 24 hours, according to data from CoinMarketCap. Token price holds $0.61 | Source: XRPUSD on Tradingview.com Featured image from Xataka, chart from Tradingview.com

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