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XRP has now broken past the $0.6 price mark again after a week of price correction among major cryptocurrencies. The price increase, led by Bitcoin, has seen most cryptocurrencies turning green since the weekend.
XRP, being one of the largest crypto assets by market cap, has been included in this increase. Although modest compared to its counterparts, XRP pushed to $0.6257 in the past 24 hours, representing a 5.88% price increase.
According to popular XRP analysts, the recent move looks like the start of an extended bullish action for the cryptocurrency. Particularly, analyst EGRAG crypto has identified a three-camel hump pattern that could launch XRP to a target zone around $1 to $1.3.
Three Camel Hump
In a recent analysis on social media, EGRAG noted a particular price pattern formation on the one-week time frame for XRP that resembles the shape of three camel humps. These humps, noticeably getting increasingly smaller in this case, represent the formation of smaller highs since July 2023.
According to EGRAG, this pattern suggests a bullish breakout could be on the horizon. More importantly, breaking above $0.75 would signal the return of a full bullish momentum.
#XRP Analysis: The Three Camel Humps 🐫🐫🐫
A) Breaking Above 0.75c Signals Bullish Momentum
B) Current Range: 0.55c-0.67c
C) Support Holds Strong at 0.40c
D) Target Zone: $1-$1.3#XRPArmy STAY STEADY! Remember, the sun always shines in the morning. 🌞💪 pic.twitter.com/DNkiMyXFoR
— EGRAG CRYPTO (@egragcrypto) April 8, 2024
If XRP’s price continues this trajectory and this pattern holds through, it could reach as high as $1.30, representing a 116% surge from the $0.60 level. Although XRP is now trading with minor support around $0.55 in the last few months, the analyst noted a stronger support level at $0.40 which is probably the lowest it can reach in the current cycle.
Bouncing Point
XRP appears to have found a ‘bouncing point’ around its current price level, as noted by Dark Defender, another crypto analyst. Interestingly, this analyst’s point of view is based on XRP’s action against BTC on the XRP/Bitcoin on the 3-month timeframe.
According to Dark Defender, recent price action shows XRP could appreciate against Bitcoin in the next three months (April, May, June). This bullish XRP prediction comes despite the approach of the next Bitcoin halving, which could see Bitcoin surging to a new all-time high.
Hi all, Today, I’d like to analyze three Monthly Time frames for the #XRP / #BTC pair. Thanks to @MoonLamboio, who reminded me of the update.
Each candle or price bar is formed in 3 months (3M), and Aril is the start moment of the new bar. (April-May-June will form a new candle)… pic.twitter.com/iHDE5jx4Rk
— Dark Defender (@DefendDark) April 7, 2024
The chart shared by the analyst showed that the XRP/BTC pair is now looking to bounce off a support level that’s been in existence since 2015. Interestingly, previous bounces off of this support level have seen XRP outperforming Bitcoin in the months after.
What’s Next For XRP?
XRP is currently trading at $0.6092 and bulls are now hoping to establish a support at $0.60. Despite Ripple’s ongoing lawsuit with the SEC, XRP remains the only cryptocurrency with legal clarity in the US. This has enabled many investors and analysts to maintain a bullish outlook on the asset, with one analyst even predicting a $1,000 price point in the next five to ten years.
In the short term, however, the primary price target is between $1 to $1.3, which XRP has not attained since November 2021.
Featured image from Seeking Alpha, chart from Tradingview.com
