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Breaking News: Bitcoin Outlook Post Fed's 0.25% Rate Cut: Historical Patterns And Predictions

XRP Refuses To Back Down As Crypto Analyst Identifies When Price Will Rally To $2

Scott Matherson
Scott Matherson
Last Updated: June 11, 2024 8:10 am
3 mins read
XRP

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Several analysts continue to make bullish predictions for the XRP token despite its lacklustre price action. This time, crypto analyst Dark Defender has identified emerging patterns that suggest that XRP could rise to $2 soon. 

The XRP Bull Run Is Here

Dark Defender mentioned in an X (formerly Twitter) post that the RSI (Relative Strength Index) for the XRP/BTC pair in the weekly time frame “stands in the same place as it did before the 2017 and 2021 XRP bull runs.” Going by the RSI indicator, he affirmed that the 2024 bull run is already here. 

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XRP price

Source: X

From the accompanying chart which he shared, XRP hitting $2 looks to be just the starting point as the crypto token could still rise to as high as $12. This is also a possibility, considering that bull runs are known to bring new all-time highs (ATH) for different crypto tokens. XRP’s ATH currently stands at $3.84, a milestone it hit at the peak of the 2017 bull run. 

XRP’s failure to surpass its ATH in the last bull run is believed to have been due to the regulatory uncertainty which handicapped the crypto token. However, having achieved regulatory clarity, XRP is projected to make a significant run this time around. 

Interestingly, analysts like CryptoInsightUK have hinted at the token replicating a similar price surge to the one which occurred in 2017, when it saw a price gain of 61,000%. That price surge in 2017 is also serving as the basis for crypto analyst Egrag Crypto’s prediction that XRP could rise to as high as $27 in the next bull run. 

XRP’s Road To $27

Crypto analyst Egrag Crypto recently gave an update on XRP’s current price action and further revealed how the crypto token will rise to $27. Firstly, he noted that a bullish pattern had emerged, with XRP achieving multiple daily closes above FSRF (Fibonacci Speed Resistance Fan) 0.5, a level believed to represent significant support for the crypto token. 

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With XRP holding above this level, the analyst hinted that it could rise to almost $2 soon. Once that happens, Egrag expects XRP to continue the upward trend and eventually breach the $2 resistance area. He predicts that FOMO (fear of missing out) will kick in once XRP rises above $2, something which Egrag believes will propel the crypto token towards the $27 price target. 

At the time of writing, XRP is trading at around $0.56, up over 1% in the last 24 hours, according to data from CoinMarketCap. 

XRP price chart from Tradingview.com

Price recovers from dips | Source: XRPUSD on Tradingview.com
Featured image from CoinGape, chart from Tradingview.com
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Scott Matherson
Scott Matherson

Scott Matherson

Scott Matherson is a prominent crypto writer at NewsBTC with a knack for capturing the pulse of the market, covering pivotal shifts, technological advancements, and regulatory changes with precision. Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers.

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Scott’s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott’s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life.

With years of experience in the crypto market, Scott began to focus on his true passion: writing. During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others.

Scott’s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott’s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry.

Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors.
In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else.

Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies.

Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

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