crypto Analyst CryptoInsightUK has shared his bullish sentiment on the XRP price. He noted that something may be brewing for the token and its ecosystem. Interestingly, he agrees that XRP could rise as high as $9.6.
XRP price could replicate 2017 momentum
in a mail Shared on its X platform (formerly Twitter), CryptoInsightUK shared a monthly XRP/btc chart. He pointed out that XRP’s Biggest Momentum Against btc was around 5200%, which occurred in 2017. Analyzing the chart he shared suggested that a similar setup was developing around that time.
This time, XRP could see bigger gains against btc as CryptoInsightUK stated that XRP maintains a higher bottom. He also mentioned that the technical structure is more bullish after a longer consolidation. In addition to these indicators, the Relative Strength Index (RSI) stood out, which is rising.
With all this in mind, the crypto analyst believes that “something is coming” for the XRP token. CryptoInsightUK appeared to be very careful not to provide any projections on how much the XRP token could rally or what price action to expect when this happens.
However, another prominent crypto analyst, Egrag crypto, provided some insight into the price action CryptoInsightUk may have in mind. In response to the main post, Egrag answered and stated that XRP could affect between bitcoin-adopter-says-xrp-price-closer-to-10/” rel=”nofollow”>$9.6 and $10 In this age. CryptoInsightUK responded and fixed that Egrag’s prediction is “perfect for the range.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2023/11/Analyst-Uses-5200-Momentum-Against-Bitcoin-to-Predict-XRP-Price" alt="XRP Price Chart by Tradingview.com (bitcoin Cryptocurrency Analyst)” width=”2650″ height=”1530″ loading=”lazy”/>
Token price resumes uptrend toward $0.61 | Source: XRPUSD on Tradingview.com
Did XRP’s success depend on bitcoin‘s?
CryptoInsightUnited Kingdom shared Some additional thoughts when asked by another X user if the community could see any XRP price action this year. He suggested that any XRP rally was bitcoin-performance/” rel=”nofollow”>dependent on bitcoin movement since XRP goes up every time bitcoin does. As such, it is encouraging bitcoin right now so there could be some price action from XRP as well.
As for when to expect this XRP rally, he is not sure as he stated that finding the starting point is difficult. This is why the analyst is comfortable holding and waiting with his XRP bags. Despite the uncertainty, the cryptanalyst seems to be one of those who is very bullish on the XRP token.
Another prominent figure in the XRP community, Rob Art, also shared similar sentiments with CryptoInisghtUK. He He suggested that XRP cannot reach a new all-time high (ATH) without bitcoin doing so in the same cycle. As such, he believes that XRP can only fly when bitcoin does too.
At the time of writing, XRP is trading at around $0.60, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Coinpedia, chart from Tradingview.com
