Ripple’s XRP is gearing up for a significant move to the upside, but there is a chance that the downward correction is not over yet. The price has already reached the expected range between $0.545 and $0.56, but analyst Cheeky Crypto expects a slight decline within this range. He emphasized the importance of holding the $0.545 to $0.561 level as it anchors the move towards the $0.583 to $0.593 range.
The analyst also pointed out that despite the recent volatility, XRP’s expected downward movement has occurred. However, there is still a chance that this range will be revised before a significant increase occurs.
In the bigger picture, he is targeting a breakout between $0.75 and $0.85, but this move could take some time to develop, possibly even into next week. He also warned that if the $0.545 level is lost, the outlook could change.
Long-term vision: Patience is key
For those looking further ahead, the weekly time frame suggests that XRP could reach between $5.59 and $11.25 by the 2025 bull market high. This long-term target remains valid as long as the current bear market low of $0.2872 holds.
Fundamental news:
As technical patterns form, fundamental news, particularly around Ripple’s ongoing legal battle with the SEC, could trigger an earlier-than-expected breakout. Market sentiment is bullish, but patience is key as this plays out.
But will XRP reach $57?
A recent price prediction for XRP has taken the crypto community by surprise. Analyst Amonyx predicts that XRP could rise to $57. Using a logarithmic price chart, Amonyx notes that XRP has been trading within a specific range since 2014, with the current price at the lower end of this range. The analyst believes that XRP is now on the verge of breaking out of this long-term range.
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