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XRP has held above the $0.51 zone for the fourth consecutive day since reclaiming it on April 13.
Henrik Zeberg, a legendary Copenhagen-based macroeconomist and trader, is the latest to forecast an impending rally for XRP, as he recently shared his outlook for the broader crypto market.
According to Zeberg, the crypto market is on the verge of taking off “in a very big way.” In a recent tweet, the chartist called attention to several assets he believes would champion this rally, including Bitcoin (BTC), Ethereum (ETH), and XRP.
#Crypto on the verge of taking off in a very big way!#Bitcoin #Ethereum #JASMY #XRP pic.twitter.com/9kkpNu0wXt
— Henrik Zeberg (@HenrikZeberg) April 14, 2023
At the time of the disclosure, XRP had broken below the local top at $0.5434, having faced a massive roadblock stationed by the bears on its journey to reclaim the $0.55 price territory. The asset dropped to $0.5268 before staging a modest comeback. Despite persistent fluctuations amid fierce bear resistance, XRP held above $0.51.
Zeberg’s latest disclosure is consistent with his sentiments regarding XRP in the past few months. In November 2022, when XRP was consolidating between $0.39 and $0.41, Zeberg noted that he believed XRP would rally.
Nope! XRP will rally – but will not save the Financial system
— Henrik Zeberg (@HenrikZeberg) November 27, 2022
XRP Needs to Flip $0.58 into Support
XRP has increased by over 27% since Nov 2022. XRP latest price movements have been shaky since it staged its massive rally on March 21. XRP sought to conquer the price point at $0.58 on March 29 but was summarily dispersed by the bears. All attempts to tower above this position have proven futile.
In a recent analysis, prominent trader Egrag Crypto highlighted the reason behind this. According to him, there is a massive supply wall at the $0.58 zone causing a major resistance. Egrag noted that XRP would face a significant pump once it conquers the supply zone and converts it to support.
#XRP Flipping Zone:
The Demand & Supply Zone is explicitly showing why #XRP Pump is facing strong resistant around 0.58c.
Also, the 'Final Wake Up Line' is playing a major resistant so far.
However, once #XRP flips the Supply Zone into support, it will be clear signal for a… pic.twitter.com/fqxtKEVQ0f
— EGRAG CRYPTO (@egragcrypto) April 16, 2023
Egrag further disclosed that a drop to the territory between $0.4310 and $0.4803 is possible, but XRP must avoid plummeting to this zone. Notably, the zone currently serves as a strong support point for XRP. According to Egrag, his short-term price forecast for XRP is $1, with a possible surge to $27 in the next bull run.
Short Term 1$ Range
Mid-Term ATH
Next Cycle #Bull Run 27$
— EGRAG CRYPTO (@egragcrypto) April 16, 2023
XRP has also seen a resurgence of investors’ interest of late, which is expected, given that market watchers expect the summary judgment decision from the Ripple vs. SEC case to be made soon. Attorney John Deaton noted that a ruling could come by May 6.