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The price of XRP has proven a critical correction after rallying to $2.9 this week. This has raised speculation about whether the recent rally is over, but crypto analysts MadWhale indicated that XRP still has more room to move higher.
Analyst Explains Why XRP Price Headed To $3.2
In a TradingView postMadWhale explained why the price of XRP is heading towards $3.2. The analyst noted XRP’s significant trading volume and the stock’s long-term underperformance compared to other cryptos. Indeed, XRP has gained a long time time to stop while other coins became more profitable.
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MadWhale said this extended downtime has left the stock under pressure and poised for a potential breakout. The analyst added that fundamental and technical analysis points to a positive outlook, and the chart shows that high power. Accordingly, you expect XRP to revisit its current all-time high (ATH) and even higher targets.
XRP price has cooled and retraced over the past 24 hours, following its parabolic rally over the past few weeks. Crypto analyst The Dark Defender had predicted that this adjustment will take place. He said he expects XRP to be between $2.13 and $2.92 for a few days before continuing its upward trend.
Like MadWhale, Dark Defender also gave a bullish outlook for XRP, predicting that the crypto will converge at the intermediate target level of $3.9993 next. Such a rally would mark a new ATH for XRP, as its current ATH is $3.8.
Meanwhile, in the latest analysis, the crypto Egrag Crypto said that the jump from $ 2.19 will lead to a higher high and cause XRP to continue its bullish momentum. Egrag Crypto is confident that the price of XRP will cover double digits in this market cycle.
Way to $3.99
In his latest post for X, Black Defender provided an update on XRP’s proposed rally to $3.99. The analyst noted that the price of XRP continued to move the Fibonacci levels. He also confirmed that this latest correction was expected. The crypto analyst added that these side steps could be gradual.
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The crypto analyst also provided insights on key levels to watch out for when pricing XRP. He highlighted $2.13 and $2.27 as support levels with XRP and $2.92 and $3.99 as crypto goals. The retracement of the $2.92 target, which is the Fib level, indicates that the crypto is ready to continue its upward trend.
At the time of writing, the price of XRP is trading around $2.30, down more than 12% in the last 24 hours, according to data from CoinMarketCap.
The featured image was created with Dall.E, a chart from Tradingview.com
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