- One analyst suggests the price of XRP currently sits at a critical juncture at $2.85, but a close above $3.22 could accelerate its momentum upward.
- Another believes the token is gearing up for a breakout above a bearish pattern, which could propel it to $3.70.
The price of XRP continues to exhibit one of the most peculiar behaviors in the cryptocurrency market. Despite the massive wave of announcements relating to its institutional adoption and the end of the Securities and Exchange Commission case (SEC) against Ripple, the token has consistently struggled to match its all-time high of $3.84 eight years ago, and people are getting restless over it.
Several analysts have recently thrown their hats into the ring regarding the next possible price action of XRP.
XRP Price is at a Critical Juncture
Today, the third-largest crypto by market cap remains within a critical level. According to the pseudonymous Egrag Crypto, a technical analyst, the price of XRP must maintain its hold above the $2.85 mark to maintain its short-term to mid-term bullish potential.
The analyst said the digital asset is currently retesting that level, representing the midpoint of a descending channel that started after the token’s July peak. A descending channel is characterized by two parallel trendlines plotting a falling pattern in an asset’s highs (resistance) and lows (support) within a specific period. A failure to maintain a price above $2.85 would risk continuing XRP’s bearish signal, leading to a slide to crucial support zones at $2.73, $2.65, and $2.55.
On the bright side, Egrag noted that a close above the $3.22 price at this rate can invalidate his short-term bearish prediction for XRP.
XRP Eyeing a Rebound to $3.70
Another widely-followed technical analyst, Ali Martinez, suggested that XRP has been cruising within a descending triangle pattern since mid-August. Analysts typically consider the indicator represented by descending highs but with almost the same level of lows as a bearish scenario. Nevertheless, a decisive breakout above its upper trendline signals a reversal of the market to a bullish degree.
The technical analyst believes XRP may be nearing its breakout from the top of the descending triangle. The move could jumpstart its next rally to $3.70, surpassing the $3.65 top of the crypto asset last July.
X Finance Bull, the alias of an independent researcher followed by other crypto personalities like lawyer John Deaton, agreed with Martinez’s optimistic outlook. He stated that XRP has great upside potential, especially when its utility starts reflecting in its value.
The XRP Ledger (XRPL) had been experiencing a significant uptick in adoption, especially from traditional financial institutions. These include banks, pharmacies, and payment processors, among others. The latest development that has been generating a lot of buzz within the crypto community was Gemini’s introduction of its credit card powered by XRP. The new card operates in conjunction with the Mastercard network, which further elevates the reach of XRP into mainstream finance.
Reminders: These analysts’ views do not necessarily reflect the author’s or Blockzeit’s opinions. Therefore, readers should not construe the information presented in the article as financial advice or endorsement of any investment product without consulting their own financial advisers.
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