XRP Pullback Nears End as Analyst Predicts $8 to $12 Target
Prominent trader CryptoInsightUK suggests the cryptocurrency market may be nearing a bottom, particularly for XRP, which is close to completing a corrective phase that began in April.
Key Insights on XRP and Market Trends
- CryptoInsightUK forecasts Bitcoin could decline to the $92,000-$95,000 range, impacting altcoins.
- XRP exhibits a liquidity shelf at $1.89 and a deeper block at $1.73; potential dips could reach $1.85 or lower.
- The recent spike in spot bids indicates accumulation rather than speculative trading.
- Funding rates have turned positive, suggesting increased long positions among traders.
- A bullish divergence pattern could signal an upcoming price rally for XRP, reminiscent of the previous 140% increase.
- Price projections for XRP range from $8 to potentially $11-$12, indicating an upside of approximately 475% from an ideal entry point of $1.85.
- The current Bitcoin dominance hints at a possible upcoming altseason, with XRP likely benefiting significantly.
As of now, XRP is trading at $2.1781.
