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TradingShot, a widely followed market analyst on TradingView, asserts that $XRP is far from dead, noting the asset is set for a parabolic surge above $17.
Critics have repeatedly labeled $XRP a dead coin, considering its discouraging performance since this ongoing bull season. $XRP hovers around $0.47, down by 6% over the past week, as it mirrors the broader market pullback trend.
Despite the severity of the current market-wide price crash, Bitcoin and Ethereum boast year-to-date gains of over 45%. Moreover, BNB commands a more substantial 84% YTD growth.
Other top-ranking assets like Solana, Dogecoin, and Shiba Inu have also outshone $XRP, which has suffered a negative 23.65% YTD performance.
Moreover, $XRP ended Q1 with a 5% decrease, and Q2 has not shown any improvement, leading many to doubt its long-term viability. However, some market observers still have reasons to be optimistic about $XRP’s future.
$XRP is Not Dead
In a recent analysis on TradinView, analyst TradingShot argued that $XRP is not dead. His outlook for $XRP is established based on technical and historical observations from the asset chart. He observed that $XRP has traded below its 50-week moving average (MA) and 200-week MA since April 8.
He noted that $XRP is simultaneously testing the bottom trendline of a triangle structure that began in January 2018. This pattern resembles a triangle that formed after the December 2013 high and broke out to the upside in March 2017.
Furthermore, the analyst highlighted that $XRP’s one-week RSI is currently at 40.00. This value is at a historical low and is considered a long-term buying opportunity.
$XRP Can Rally 3,500 above $17
According to TradingShot, if $XRP breaks above its one-week 200-day moving average, it will likely initiate a parabolic rise, potentially exceeding $17. The accompanying chart suggests that the analyst expects the region to be the top for $XRP in this bull season.
With $XRP trading at $0.47, the projected values above $17 demand an upsurge exceeding 3,500%. Meanwhile, the analyst cautioned that if this scenario fails to materialize, the $XRP community will need a new narrative, as the long-term bullish pattern would have failed them.
Other market commentators, such as ambitious analyst EGRAG, have also made bold predictions about $XRP’s potential. In March, EGRAG argued that $XRP could reach $17 as early as May and even soar to $27 by November.
Although the predicted timeline has failed, EGRAG has since reaffirmed the $17 target for $XRP in a more recent update, omitting a specific timeline.