- A renowned analyst has disclosed that the ongoing consolidation phase of XRP could end next month, marking the beginning of a new rally.
- Another analyst has predicted that a $2000 investment in XRP could generate a profit of $50,000 by the end of the year.
A popular crypto analyst identified as Egrag Crypto has pointed out the formation of a large symmetrical triangle on the XRP’s monthly time frame. According to him, the asset has been in the consolidation phase for 334 days, moving within the range of $2.0 and $2.4. Based on the analysis, the consolidation phase could end soon. After this, XRP could embark on an explosive run by mid-September.
However, the asset has to make a decisive move above the $2.2 level and subsequently break the $2.4 resistance point to validate this upsurge.
From this level, XRP could make a “smooth run” into the $3.0 level and later surpass the $3.4 all-time high price.
Currently, XRP is trading at $2.17. On the daily price chart, the asset has declined by 0.86%, extending its monthly loss to 6%. In the same vein, the 24-hour trading volume of XRP has also fallen by 5% with $2.4 billion changing hands.
Analysts Weigh in on XRP’s Price Discussion
According to an analyst known as CasiTrades, the recent downturn was not a sign of weakness. Instead, he believes that this was a setup for a potential bullish reversal.
It can be recalled that XRP recently declined to the $1.91 level following the broad market liquidation. This was said to represent a major Fibonacci Retracement zone which is more than just a random support level.
Holding above this level and forming a “Bullish Divergence on the Relative Strength Index (RSI)” could indicate a textbook bottom setup. For now, XRP’s Open Interest (OI) has surged by 3.1% in the last 24 hours, reaching $3.76 billion as highlighted in our previous blog post.
Joining the XRP discussion, another analyst known as Mercer has confirmed that XRP is showing signs of a potential upsurge to $4. In this case, the $2 level is said to be an entry point.
Also, analyst Dustin Layton has disclosed that $2000 investment in XRP could result in a $50,000 profit by the end of this year.
Mathematically, this implies that the price would hit above $52, while generating around a 23x return. Fascinatingly, this is said to be the minimum the asset could generate for holders, and would demand a market capitalization of $3 trillion. Until then, XRP is expected to make a run to $15 after breaching the multiple resistance levels on the price chart.
As explained in our last analysis, analyst Bobby A has hinted that XRP is mirroring the 2016-2017 cycle where it recorded an extended bearish period before embarking on an explosive run to a new all-time high price.
Basically, this massive surge is expected to be triggered by the potential approval of the XRP Exchange Traded Funds (ETF) filed by multiple asset managers. As noted in our earlier post, Bloomberg ETF analysts James Seyffart and Eric Balchunas have increased the approval chance from 75% to 95% this year. Just recently, Canada also approved its first-ever spot XRP ETF, marking a significant shift towards regulatory clarity as indicated in our earlier discussion.
