- Analyst sets XRP at 57% upside odds vs 43% pullback risk.
- Levels to watch: $2.30 support, $2.79 to $2.85 for a clean break.
- Baseline roadmap cites around 5.20 if prior cycle repeat holds.
Cryptocurrency analyst who focusing more on to XRP’s price trajectory believes the cryptocurrency’s long-term trend remains bullish, despite the recent pullback and a reevaluation of its technical indicators.
In his latest post on X, the analyst noted that XRP’s current structure reflects a 57% chance for an upward rally and a 43% chance that the downtrend will continue.
Related: XRP’s Capped Supply Leads As Price Holds $2.40 to $2.60, Eyes $2.65 Break
XRP maintains a bullish long-term outlook
Despite XRP’s short-term bearish potential, the renowned crypto analyst predicts a $9 target, at the very least, for the cryptocurrency, which he believes has the potential to reach a $27 price target before the end of the current cycle. In the meantime, it is worth noting that a further 43% pullback from XRP’s current price would see the cryptocurrency drop to $0.5, while a 53% rally would result in a $9.5 target.
Although the analyst presented a short-term analysis that is based on a Descending Broadening Wedge breakout, he emphasized the importance of considering XRP’s broader bull cycle outlook. He compared the current XRP cycle with that of 2021, noting that the cryptocurrency’s price increased by 1,700% during the previous cycle.
XRP to fulfill a 540% rally potential
In comparison, XRP’s 1,160% rally in the current cycle is 540% short of the analyst’s target, considering his confidence that the cryptocurrency will, at the very least, equal its performance in 2021. According to him, XRP’s price will rally to $5.20 if the cryptocurrency equals the 2021 performance without factoring in the bullish narratives surrounding the cryptocurrency.
The crypto analyst remains confident that XRP’s bull run is far from over, especially with other top cryptocurrencies fulfilling their bullish potential when the narratives favored them. He cited Solana (SOL), which rallied 3,600%, moving from $8 to $300, and Bitcoin (BTC), which moved from $15,000 to $126,000 in an 840% surge. The analyst expects XRP to regain its bullish momentum and move toward the $20 region within the current bull cycle.
Related: XRP Price Prediction: CME Launches XRP Options And Outflows Deepen
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
