This is what crypto analyst Remi predicted the XRP price could reach $1,200. The analyst also highlighted factors that could trigger this 50,000 percent rise in the altcoin, even as it is currently crashing along with the broader crypto market.
Analysts predict that XRP price will reach $1,200 for the following reasons
In one X contributionRemi explained that the charts now show that a E-wave rally to $1,200 for the XRP price. The analyst noted that the altcoin recorded a 76,000% gain in 2017, with no utility and driven solely by retail speculation. However, this time, XRP only needs a 50,000% increase to reach this target, and it has utility and institutional FOMO, making this predicted target more promising.
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This institutional FOMO is expected to come through XRP ETFsto be approved by the SEC once the US government shutdown ends. While these funds are expected to bring new liquidity to the XRP ecosystem, it remains to be seen what impact they will have on the XRP price.
In the meantime, Remi advised XRP holders Taking profits as XRP price records this predicted parabolic rally. He added that they should take profits at different intervals as a black swan event could occur out of nowhere before they reach the “E wave”. The analyst also mentioned that no one can ever reach the top, which is why it is best to take profits on the way up.
This XRP price prediction comes at a time when the altcoin is declining along with the broader crypto market. Due to ongoing US-China trade tensions and other macroeconomic factors, XRP is trading just above the psychological $2 mark US government shutdowntrigger a pessimistic mood in the market.
XRP could see another decline before a reversal occurs
Crypto analyst CasiTrades stated that the XRP price could fall again before a bullish trend reversal. This came as she noticed that the altcoin was not showing the strength that would negate the recent downtrend and that the price was stalling around the clock Wave 4 resistance levels.
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CasiTrades further stated that the current XRP price movement would be profound V-shaped recoverythen there should have been a strong breakout above the key resistance at $2.82. However, that breakout hasn't happened yet, which is why she believes the market needs another wave lower to be fully exhausted and change sentiment. The analyst predicted that a retest of the 0.618 retracement level around $1.46 or the golden pocket around $1.35 is possible for the next downward wave.
Source: Chart from CasiTrades on X
At the time of writing, the XRP price is around $2.33, having declined over the last 24 hours Data from CoinMarketCap.
XRP trading at $2.37 on 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
