The price of the cryptocurrency XRP has been quite volatile in recent years, creating a rollercoaster effect in the market. Currently trading at US$0.5209, XRP seems to be stabilizing and getting ready for a potential upward movement, as predicted by analysts.
In its recent activity, Ripple’s native token has shown signs of an imminent price increase, recording a 5.2% jump. This gradual rise pushed XRP to reach a weekly high of $0.5671. Recent developments in the cryptocurrency world indicate positive changes for XRP.
Tony Severino, a market technician and founder of CoinChartist, pointed out the positive sentiment towards the token in his analysis. He noted a “target bottom signal” on the monthly chart of the XRP/BTC pair, stating, “Great spot – he’s right. $XRPBTC just issued a bottom target signal.”
Moreover, analyst Mikybull shared his belief that XRP has hit its lowest point and is currently gearing up for a significant price increase. He said, “This seems super optimistic given that the bottom has been confirmed and is currently preparing for an explosive move. The graph below will silence your doubts!”
At the time of writing, the price of XRP was quoted at US$0.5203, experiencing a 2.8% decrease in the last 24 hours.
In a separate analysis, it was suggested that the price of Ripple’s native cryptocurrency, XRP, could potentially surge by 250% by July. This optimistic outlook compared the token’s current movement with its trajectory in 2021.
According to cryptocurrency expert Egrag Crypto, XRP is following a similar pattern to its 2021 movement, where it reached a price target of $1.80. The analyst believes that the current trajectory of XRP could lead to a price of $1.40 by June-July, which is a significant milestone. The price range between $1.20 and $1.80 is deemed a plausible target, suggesting a substantial increase of 133% or even 250% from the current XRP price.
The expert also mentioned that if XRP manages to follow a similar path to that of 2021, targeting the $4 price range is feasible.
Disclaimer: The views and opinions expressed by the author, as well as anyone mentioned in this article, are for informational purposes only and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: The movement of inactive XRP tokens has seen an increase in May, which could indicate a bullish trend for XRP. Additionally, it is estimated that the Ripple vs SEC case will inevitably go to the second circuit, according to a former regulator expert.
