- A crypto analyst has identified “one of the best scenarios” for the XRP price trend.
- The analyst thinks XRP will rally to $9 but not before finding a bottom around $0.86.
- XRP has maintained a bearish trend since the beginning of June, declining 26%.
Data analyst Celal Kucuker has predicted that XRP will rally to the $8-$9 range. However, he believes the cryptocurrency will first drop to a bottom around $0.86-$0.87 before rebounding.
XRP to Follow Bitcoin’s Pattern
In his latest post on X, Kucuker highlighted a rising channel on the XRPUSD weekly chart, citing it as one of the best scenarios for the altcoin. According to him, the chart aligns with a pattern on Bitcoin’s chart, suggesting the flagship cryptocurrency could drop to $54,000 before reversing upward.
Kucuker said, “In my view, the bottom is around $0.86–$0.87, while the top target is about 10x higher, in the $8–$9 range.”
In the meantime, pseudonymous technical analyst ChartNerd thinks the cryptocurrency market will experience a Bitcoin-led relief bounce in the coming weeks. According to ChartNerd, the bounce will follow a historical pattern, with BTC finding a local bottom in June before witnessing a relief.
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A Relief Bounce Could be a Trap
The renowned technical analyst noted that the predicted relief bounce will not last long. He said it would likely be a trap to precede the final drop in Q4. Focusing on XRP, ChartNerd noted that the altcoin could find a bottom in June. However, he stated that a capitulation in the last few days of the month would confirm his expectation. Meanwhile, he noted that failing to do that could see XRP make a temporary rally to $1.4 before a final drop later in Q3.
XRP has displayed concerning price behavior since the beginning of June. The cryptocurrency broke below a protracted support level early in the month, opening the way for a slide that has seen it decline approximately 26% in less than four weeks.
TradingView’s data show that XRP attempted a rebound mid-June but met resistance, pushing it to its current level amid growing bearish pressure. The altcoin traded at $1.02 at the time of writing, with the $1.00 psychological level as the next notable support.
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