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Crypto market analyst Tylie Eric anticipates XRP price to record a rapid 60% spike above $1 over the next nine days, as bullish momentum builds.
XRP’s push to reclaim the $1 price has met opposition from the bears for over two years. The crypto asset last traded above $1 in December 2021, as it collapsed with the rest of the market amid the slump into bearish territories.
XRP first attempted to recover $1 in March 2022, when it soared to $0.9121. However, this rally faced resistance at the $0.91 territory. The asset’s second and last attempt at breaching $1 came up in July 2023, as it rallied to $0.93 on the back of the ruling in the Ripple vs. SEC case.
Disappointingly, the cryptocurrency has not mustered sufficient strength to record another attempt despite the broader market slipping into bullish territories. XRP has underperformed the rest of the market, up only 1.8% this year.
XRP Poised for a 60% Rise to $1
Nonetheless, this disappointing performance has not dampened the confidence of market analysts. One such analyst, Tylie Eric, recently noted that he expects XRP to recover the $1 price territory in less than two weeks, specifically over the next nine days.
The market watcher revealed this projection in his latest analysis on X, leveraging market data from a 4-hour chart. Data from the chart indicates that XRP has been consolidating between a high of $0.66 and a low of $0.56 since March 15.
#XRP.
Im looking for a potential 60% pump in the next 9 days or so to kick things off. pic.twitter.com/nxDwMVJv7t— Tylie E (@TylieEric) March 28, 2024
While the crypto asset has defended the $0.55 support fiercely, it has also failed to register a push toward $0.70, currently trading within an expanding channel pattern for over two weeks. Tylie believes XRP is on the verge of breaching the upper trendline of this channel.
The analyst’s chart suggests that, after this breach, XRP would record an impressive price rally over a nine-day period. Tylie sees the cryptocurrency eventually rallying to a high of $1.0096, representing a 61.37% increase from its price at the time of analysis.
Bullish Short-Term Momentum
XRP’s price has not witnessed a significant change since then, as it currently trades for $0.6256. Amid the recent movements, XRP has been trading within a symmetrical triangle since it dropped from $0.7449 on March 11. The token is close to the apex of the triangle, with a break above or below capable of impacting its next direction.
However, XRP is witnessing a growth in bullish sentiments in the short term, as the 50-day EMA has continued to surge faster than the 200-day EMA. This indicates that the recent growth rate is higher than the long-term average, which can signal increasing investor confidence and potential upward momentum.
In addition, XRP’s current price places it above both the 50-day EMA ($0.6069) and the 200-day EMA ($0.5782), suggesting that the cryptocurrency witnesses predominant bullishness in the short and long terms.