Cryptocurrency analyst Remy predicted this Ripple price It can go up to $1200. The analyst also highlighted the factors that could lead to this 50,000% surge in the altcoin even as it collapses alongside the broader cryptocurrency market right now.
The analyst expects the price of XRP to reach $1,200, and here is why
in Share XRemy stated that the charts now show that E-wave rises to $1,200 For XRP price. The analyst noted that in 2017, the altcoin recorded gains of 76,000%, with no interest and was driven solely by retail speculation. However, this time, XRP only needs a 50,000% gain to reach this target, and it also has interest and institutional FOMO, making this projected target even more promising.
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This institutional FOMO is expected to come through XRP ETFswhich is scheduled to be approved by the Securities and Exchange Commission once the US government shutdown ends. While these funds are expected to bring new liquidity to the XRP ecosystem, it remains to be seen how much impact they will have on the price of XRP.
Meanwhile, Remy advised XRP holders Take profits as the XRP price records this expected parabolic rise. He added that they should take profits at different intervals, because a black swan event could happen out of nowhere before they reach the “E wave.” The analyst also mentioned that no one can ever determine the time of the top, which is why it is better to take profits along the way.
This XRP price prediction comes as the altcoin declines alongside the broader cryptocurrency market. XRP is trading just above the $2 psychological level due to trade tensions between the US and China, along with other macro factors such as the long term. US government shutdownsparking bearish sentiment in the market.
XRP could see another pullback before reversing
Cryptographic analyzer CasiTrades noted That the price of XRP may see another decline before any bullish reversal. This was because it indicated that the altcoin is not showing the strength that would nullify the recent downward wave, and that the price is stopping near Resistance levels for wave 4.
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CasiTrades also mentioned that if the current XRP price action is deep V-shaped recoveryThere is supposed to be a strong breakout above the main resistance at $2.82. However, this breakout did not happen, which is why the market is leaning towards needing another downward wave for complete exhaustion and change of sentiment. The analyst predicted that a retest of the 0.618 retracement level around $1.46 or the golden pocket near $1.35 is possible for the next downward wave.
At the time of writing, the price of XRP is trading at around $2.33, down over the past 24 hours, according to Data From Coin Market Cap.
Featured image from iStock, chart from Tradingview.com
