Analyst Predicts XRP Price Surge to $12 Amid Positive Catalysts
The latest analysis by Crypto Insight UK suggests that XRP's current technical and fundamental conditions resemble its past surge from $0.50 to $2.70 in 2021, indicating potential for a rise “towards eight, nine, ten, eleven, twelve dollars” soon.
Price Projections
- Bitcoin price action correlates with the rest of the market; recent weekly close was the highest ever recorded.
- The weekly relative-strength index (RSI) has not yet reached overbought territory, historically leading to sharp increases in altcoins.
- Order-book heat-maps show significant liquidity clusters at $130,000 above and $100,000 below Bitcoin.
- A sustained move past $130,000 might signal the start of an alt-season.
- XRP broke out of a Wyckoff accumulation range and is finding support on previous resistance.
- Positive divergences are appearing in XRP's trading ratios against Bitcoin and Ether.
Market Catalysts
- Ripple partnered with the Dubai Land Department to tokenize real estate title deeds on the XRP Ledger.
- Ripple completed the acquisition of Hidden Road, enhancing its brokerage capabilities in crypto payments.
- Speculation exists around Ripple potentially acquiring Circle for $11 billion.
- Launch of Ripple’s RLUSD stablecoin may coincide with the GENIUS stablecoin bill in Washington.
- Judge Torres recently rejected the SEC's procedural move, which could be viewed as a positive for Ripple.
The analyst emphasizes that these factors collectively create a scenario for XRP's price growth toward new highs. However, he advises prudent risk management, suggesting profit-taking at interim targets to mitigate potential retracements.
As of now, XRP is priced at $2.30.
