An optimistic market analyst believes that the price of XRP has the potential to skyrocket in the near future. The analyst, known as CryptoInsightUK, predicts that XRP could surge by as much as 500% to reach $2.5. This forecast is based on a comparison with the current price movement of Bitcoin (BTC).
CryptoInsightUK highlights that on the monthly timeframe, XRP’s price against BTC is in a reversal territory, indicating the potential for a significant upward movement. The analyst references historical data that shows previous reversals being followed by substantial price gains. Additionally, the monthly Relative Strength Index (RSI) for XRP in relation to BTC is at an all-time low, further supporting the bullish outlook.
The analyst notes that in the past, reaching this RSI level has resulted in a corresponding move of 5,251% and 498% versus BTC. While it is uncertain if XRP will follow similar trends this time, the analyst believes that there are several favorable factors that could trigger a price surge.
Other analysts also share a bullish sentiment for XRP’s price. EGRAG Crypto suggests that XRP’s next target lies within the $1.20-$1.50 range, while Javon Marks highlights a “hidden bull divergence” in XRP’s price action, which could lead to a sudden increase in value.
Currently, XRP is trading at $0.5206, with a slight increase of 0.13% in the past day. The market cap has also increased to $28.8 billion, and trading volume has decreased by 16.3% to $953 million.
In terms of futures and options trading, XRP futures open interest has fallen by 1.88% to $607.69 million, while options open interest has increased by 15.02%, indicating growing interest from options traders. However, there has been a dominance of long liquidations in XRP, suggesting a potential short-term decline.
In other news, Ripple Labs Inc, the company closely associated with XRP development, has filed a motion to seal sensitive documents in its ongoing case with the US Securities and Exchange Commission (SEC). Ripple claims that the SEC has unfairly targeted and sought to expose unrelated financial information, emphasizing the need for confidentiality.
The outcome of this case is crucial for the future trajectory of XRP’s price, and a favorable resolution could have a positive impact on the coin’s value.