Analyst Uses 5200% Impulse Against Bitcoin To Predict XRP Price Surge To $9.6
29 November 2023 - 7:00AM
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Crypto analyst CryptoInsightUK has shared his bullish sentiment on
the XRP price. He noted that something may be brewing for the token
and its ecosystem. Interestingly, he agrees that XRP could rise as
high as $9.6. XRP Price Could Replicate 2017 Impulse In a post
shared on his X (formerly Twitter) platform, CryptoInsightUK shared
a monthly XRP/BTC chart. He noted that XRP’s largest impulse
against BTC was around 5,200%, which occurred back in 2017.
Analyzing the chart that he shared, he suggested that a similar
setup to that time was building up. Related Reading: Institutional
Investors Pour $346 Million Into Crypto – Here Are The Winners This
time, XRP could see higher gains against BTC as CryptoInsightUK
stated that the XRP is holding a higher floor. He also mentioned
that the technical structure is more bullish after a longer
consolidation. Besides these indicators, he highlighted the
Relative Strength Index (RSI), which is grinding upwards. With all
this in mind, the crypto analyst believes that “something is
coming” for the XRP token. CryptoInsightUK seemed very careful not
to provide any projections on how much the XRP token could rally or
what price action to expect when this happens. However,
another prominent crypto analyst, Egrag Crypto, provided an insight
into what price action CryptoInsightUk may have in mind. In
response to the main post, Egrag replied and stated that XRP could
hit between $9.6 and $10 this time around. CryptoInsightUK
responded and stated that Egrag’s prediction is “perfect for the
range.” Token price resumes uptrend toward $0.61 | Source: XRPUSD
on Tradingview.com XRP’s Success Hinged On Bitcoin’s?
CryptoInsightUK shared some further thoughts when quizzed by
another X user if the community may see any XRP price action this
year. He suggested that any XRP rally was dependent on Bitcoin’s
move as XRP goes higher whenever Bitcoin does so. As such, he is
cheering Bitcoin on right now so that there can also be some price
action from XRP. Related Reading: Ripple IPO May Be Delayed,
Crypto Pundit Gives Reasons Why As to when to expect this rally
from XRP, he isn’t certain, as he stated that finding the starting
point is hard. That is why the analyst is just comfortable with
holding and waiting with his XRP bags. Despite the uncertainty, the
crypto analyst seems to be one of those who is very bullish on the
XRP token. Another prominent figure in the XRP community, Rob
Art, also shared similar sentiments with CryptoInisghtUK. He
suggested that XRP cannot make a new all-time high (ATH) without
Bitcoin doing so in the same cycle. As such, he believes that XRP
can only fly when Bitcoin does so, too. At the time of
writing, XRP is trading at around $0.60, down almost 1% in the last
24 hours, according to data from CoinMarketCap. Featured
image from Coinpedia, chart from Tradingview.com
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