Market analysts express increasing optimism about the future of XRP (XRP), the cryptocurrency associated with Ripple. Some point to a three-year cycle while others cite potential breakouts from key resistance levels indicating that XRP may be ready for a significant rise.
These optimistic predictions come as XRP has dropped below $3 today. This decline is part of a broader market retreat that has seen all ten major currencies in the red.
What's next for the price of XRP?
XRP was one of many coins that saw its price reach record highs in the current surge. However, the price dropped after the peak, with fluctuations up and down, which is common for any cryptocurrency.
During the past day alone, the value of the altcoin dropped by 4.84%. At the time of publication, it was trading at $2.97.
While a correction after peak prices is common, analysts believe that XRP still has a long way to go. In a recent post on X (formerly Twitter), prominent analyst Egrag Crypto explained a recurring pattern in the monthly Relative Strength Index (RSI) of XRP that follows a cycle of three phases.
The analyst suggested that each cycle follows a predictable pattern, consisting of three distinct phases:
Mega Cycle Pump: In phase one, XRP experiences significant upward movement, resulting in a sharp rise in the RSI.
Cycle Correction: Phase two, where the market calms down after the major pump, and the RSI declines.
Cycle Peak: The third and final phase, where XRP experiences another explosive upward movement, pushing the RSI to extreme levels, often followed by a significant market correction.
According to Egrag Crypto, XRP has already completed the first two phases. Thus, the altcoin is in the third phase of its cycle, where a price increase is expected again after the previous correction. This phase has already been observed in previous cycles in 2017 and 2021.
The analyst wrote that in cycle 1 and cycle 2, we observed similar behavior but at different highs. Now in the current cycle, the RSI of XRP on the monthly timeframe shows the same pattern: 1: Completed. 2: Finished. 3: Currently in progress! The big question is: how high will cycle 3 reach?
Egrag Crypto also predicted potential peaks at 80, 87, or even 97. Analyses indicated that we are approaching the final push of the current cycle, and XRP's price may see significant movement before a possible correction.
Other market experts have added to the optimism. Analyst Steve pointed to multi-year resistance on the XRP price chart. He suggested that a breakout above this level could lead to a significant rise.
Another analyst predicted that once XRP surpasses its previous all-time high, there will be no major price barriers preventing it from continuing to rise.
The post read that XRP is expected to break above its ATH line soon. Once it breaks above this line, there will be no further resistance. This means an explosive upward movement will begin. We will soon see a real rise in XRP.
Currently, the consensus among key voices in the cryptocurrency community is that the coin may be on the verge of a significant bullish path. Market reactions in the coming weeks will be crucial in determining whether this bull cycle will unfold as expected.
