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Prominent crypto analyst CryptoInsightUK has outlined a condition for the XRP market to witness a minimum rally of 93% for the crypto asset to hit $1.2 soon.
Condition for XRP to Rally 93%
In a recent post on X, Cryptoinsightuk updated his XRP outlook. The message comes as market participants eagerly anticipate XRP to surpass $1. According to the analyst, the asset requires a daily candle close above $0.75 to confirm the widely-awaited bull rally.
Furthermore, Cryptoinsightuk emphasized that surpassing the $0.75 mark would signify a breakout from the accumulation range the asset has been in for the past 250 days. Accordingly, the analyst noted that the breakout would propel XRP to $1.2 in the short term.
$XRP update.
We are looking for a daily candle close above $0.75.
When we see this, it confirms a breakout above the range in which we have been accumulating for over 250 days.
This would suggest we should see a minimum expansion to $1.20.
Volume is picking up on the whole… pic.twitter.com/yhEVHvqPav
— Cryptoinsightuk (@Cryptoinsightuk) March 25, 2024
XRP trades at $0.6206 at press time, with no positive gain over the last 24 hours. With its current price, it implies that XRP could rally 93.54% soon to reach $1.2, as the analyst suggested.
However, the crypto token was last seen at the now-crucial $0.75 threshold about eight months ago, in July 2023. The asset came close to this target earlier this month but it quickly lost it and has fallen below $0.6.
Supporting Factor
Meanwhile, analyst EGRAG has also forecasted a short-term target of $1.2 for XRP. However, EGRAG did not specify conditions for this $1.2 projection to actualize.
Instead, he drew inspiration from one of XRP’s historical wave patterns. In particular, he argued that the current chart patterns of XRP closely resemble a wave formation observed before a significant surge in XRP’s value in the past.
On the other hand, analyst Cryptoinsightuk reinforced his short-term bullish outlook for XRP by pointing out that the overall volume for XRP is increasing. Moreover, he noted that the Relative Strength Index (RSI) on the daily chart appears poised to turn bullish once more.
Besides, the analyst mentioned that a breakthrough above Bitcoin’s all-time high would trigger a surge in altcoins like XRP.
Aggressive Pump for XRP Unlikely this Cycle
Meanwhile, Cryptoinsightuk expressed a strong belief that the current market dynamics resemble those of 2021 more closely.
The analyst stressed that the extraordinary percentage gains witnessed for XRP in 2017 may not necessarily be replicated in the current cycle. This view counters those of analyst EGRAG, who has projected an aggressive pump for XRP to attain $27.