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- An analyst predicted that XRP could hit $220 during its next bull run.
- At press time, XRP was worth $0.5505 after its price slightly declined by 0.01% in the past 24 hours.
- XRP’s daily RSI line was closing in on the daily RSI SMA line, suggesting that sellers are starting to take control.
The cryptocurrency analyst, CryptoBull on X predicted yesterday that Ripple’s (XRP) price could surge to over $200 during the next bull cycle. The analyst based his prediction on the “Bottom-Retrace-Top Theory” together with XRP’s historical data and its performance during the previous bull run.
#XRP went from $0.002 to $3.84 during its first major bullrun. We find that the bottom and the top line up with its retrace. If we follow the very same pattern this bullrun we could find XRP at $220. pic.twitter.com/Bimx3C5AAV— CryptoBull (@CryptoBull2020) October 25, 2023
During its first major bull run, XRP experienced a drastic price increase, rising from $0.003 to $3.84. Notably, CryptoBull pointed out that the top and the bottom on XRP’s monthly chart line up with its retracement.
If history were to repeat itself, following a similar pattern in the next bull cycle, the analyst predicts that XRP’s price could hit $220. For now, however, CoinMarketCap indicated that XRP was trading at $0.5505 at press time after its price experienced a small 0.01% decline throughout the past day of trading.
The remittance token’s 24-hour trading volume also slipped by more than 44% since yesterday. As a result, XRP’s volume dropped to around $1,335,304,491. On the other hand, XRP’s successes over the past week were still evident in its weekly performance as it was still up by 13.94% over the past 7 days.
Daily chart for XRP/USDT (Source: TradingView)
XRP was able to break above the $0.5485 barrier over the past 3 days and was resting on the significant price point at press time. It had attempted to break above the next major resistance level at $0.5965 on Tuesday but was only able to reach a high of $0.5866 before bears forced its price back down.
Traders and investors will want to take note of the fact that buyers were busy losing their strength on XRP’s daily chart. At press time, the daily RSI line was closing in on the daily RSI SMA line. This suggests that sellers were starting to chip away at the advantage that bulls garnered over the past couple of days.
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