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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.