Will the Previous XRP Bull Run Scenario Repeat?
The Bitcoin bull run escorted the whole crypto space towards the bullish trend including Ripple XRP. The XRP price also surged close to $0.7 but a pullback was imminent. At present, XRP is attempting to break out the channel within which it is trending post the plunge.
The market sentiments are extremely bullish with the XRP price as many believe the price may hit $1 very soon. Surprisingly, one of the analysts Crypto Bull has predicted the price may touch $10 to $20 by next month, January 2021 and later in 2021, the price may hit $100.
The reasons the analysts think $1 XRP price is imminent is,
- XRP charts and previous fractals
- Social, economic and monetary circumstances
- Unprecedented exposure of and demand for fixed assets.
However, the crypto masses are a little sceptical as the XRP chart need to possess a similar fractal during the previous bull rally to hit the target.
XRP Price Analysis
XRP price drops from the daily high of $0.67 to as low as below $0.5 to touch $0.56 soon after the launch of ETH 2.0 Beacon launch. Yet the XRP price reclaimed its losses within a couple of hours and rose above $0.65.
Further, the price experienced an accumulated selling pressure and hence the price trembled back below $0.6. But yet again XRP is attempting hard to maintain above $0.61 aiming to touch $0.64 at the earliest.
XRP price at the time of composition is $0.61465 with a gain of 0.58 percent in the last 24 hours. The strong resistance is formed around $0.6749 and the support levels are formed at $0.5967. The technical indicators also point towards a ‘buy’ signal.
Collectively if the price has to hit $1 before the end of 2020 as predicted by the analyst, then the similar fractals during the bull rally of XRP need to repeat. It may happen as the market sentiments and the technicals both are extremely bullish.