The post XRP Price: Will Bulls Push The Price Beyond $120 Next Bullish Cycle? appeared first on Coinpedia Fintech News
The price of Bitcoin is down and the crypto space continues to face bearish news, raising questions about the market’s future. Will we see an uptick, or is this the end? Sentiment is low, and everyone is wondering if their crypto investments will ever soar. Despite some saying the market will recover, higher price action has been elusive for months now. Looking at Ripple’s XRP, the coin has gained more than one percent in the last 24 hours, trying for a recovery.
Analyst Cheeky Crypto gave detailed analysis of the short to medium-term price predictions for XRP. Examining the XRP/USDT chart on Binance’s daily timeframe, he said that the coin is currently trading within a parallel channel to the downside but is holding strongly at the moment. The current price is below both the 50 EMA and 50 SMA, indicating a bearish trend, with these averages sitting at 51.6 and 51.1 respectively. Additionally, the price is below the 200 EMA at 54.4, further confirming the bearish sentiment.
However, despite the bearish indicators, there are positive aspects to consider. Analyzing the candlestick patterns reveals overlapping movements, suggesting short-term volatility rather than a sustained trend. The market has been ranging for a while, and the main concern is a potential head-and-shoulders pattern indicating a further move to the downside.
The analyst’s minimum expectation for a drop is to around $0.4188, with the potential to go lower to between $0.28 and $0.33.The overall market structure and candlestick analysis suggest that while short-term bearish momentum is likely, the long-term outlook remains positive.
Looking at smart money concepts, Elliott Wave theory, and the stochastic RSI, more short-term downside is expected. However, on a weekly and monthly time frame, XRP appears oversold and poised for a price increase in the future, possibly reaching between $5.59 and $126 during the next bullish cycle, likely by 2025 or 2026.