XRP to Hit $26? Expert Says Price Target Backed by Solid Technical Analysis
The XRP price has risen by 2.5% today, reaching $0.5805 as the crypto market as a whole falls by 1.5% in the past 24 hours.
XRP has also gained by 1.5% in the past week and by 24% in the past fortnight, although the altcoin has dropped by 2% in the last 30 days.
However, some analysts are expecting the token to increase massively in the coming months, with one trader on Crypto Twitter – Doctor Magic – using Fibonacci levels to justify a target of $26 during the next bull cycle.
Given that this price would imply a market cap of just over $1.4 trillion (BTC is currently $1.14 trillion), such a target may be a best-case scenario.
However, XRP is certainly deserving of a big increase in the not-too distant future, especially with the coin remaining 82% down from its 2018 all-time high of $3.40.
XRP is now showing a big increase in momentum, with its indicators actually in danger of reaching overbought territory.
Its RSI (purple) has touched 70 in the past hour, a sign of strong buying pressure that may continue until the indicator hits the 80 mark.
At the same time, XRP’s 30-period average (orange) has just climbed over the 200-period average (blue), forming a golden cross that can signal a big breakout.
XRP’s rally today has now pushed its resistance level (red) much higher, a sign that it may be entering a new medium- or long-term range.
Some experts certainly believe that XRP has an exciting future, with the aforementioned Doctor Magic setting $26 as their price target for the altcoin.
And btw this is not me calling for an exact 2017 pump. If I was doing that I would call for $241 . $26.5 is me calling diminishing prices in a 6+ year pattern pic.twitter.com/HTvp5hu0sx
In fact, the trader suggests that $26 is more of a conservative
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