According to XRP permabull and analyst CryptoBull, the asset will finally reach the $23.80 price level in June. According to CryptoBull, this will require a repeat of past events.
The analyst revealed this in a tweet from last Saturday.
The analyst revealed the weekly price chart for XRP, showing that the asset price was forming a continuation pattern of a bullish wedge identical to the one it began just before its previous bull market surge.
As a result, the expert predicts that the price action for XRP will be repeated.
The analysis by CryptoBull is comparable to one done earlier by fellow XRP permabull Egrag Crypto.
Egrag estimates that the initial positive price swing will reach a high of $13, with a final goal of $80 in the second swing following a correction.
Egrag’s analysis is displayed in context on the monthly XRP chart.
The next XRP bull run will peak above $200, according to CryptoBull’s study of monthly price charts going as far back as August 2022.
XRP Price Momentum
At this time, the price of XRP is $0.4004. The asset’s price dropped over the weekend before reaching support at about $0.3909 on Monday, according to the 4-hour chart.
As a result, the price has recovered but is again met with resistance near the previous lower high, or $0.4033.
However, there is little support for the price near its present level. Bulls will therefore be hoping for the price to get enough momentum to overcome the nearby resistance since else it runs the risk of returning to support.
According to a recent analysis, Egrag thinks the price could drop below $0.22 before experiencing a significant reversal to $1.4.
The noteworthy point is that Egrag’s model had forecast a run to $0.60 before the decline to $0.22. This price run has yet to occur.
At these values, XRP has increased by 17.8% since January 1st.
Santiment Feed, a leading crypto analytics tool, identified the asset as undervalued last month and claimed that it could quickly compensate for losses suffered in 2022.
Since reaching its all-time high of $3.84 on January 4, 2018, it has been 1862 days.
The price will likely be impacted by the outcome of the US Securities and Exchange Commission’s case against Ripple this year.
Read Also:
