A market analyst has suggested that XRP is poised to reach price levels between $8 and $13, supported by multiple XRP trading pairs reversing from long-standing multi-year support clusters. This speculation has gained traction within the cryptocurrency community following recent developments, including Grayscale’s announcement of the launch of an XRP Trust.
The introduction of Grayscale’s XRP Trust is a significant step forward in XRP’s potential path toward becoming an Exchange-Traded Fund (ETF).
As the first of four steps in that process, the trust’s launch has fueled optimism among investors, who believe institutional interest in XRP may soon rise, resulting in significant price movement. The increased social media buzz surrounding XRP reflects this growing interest, particularly as discussions around its potential future price intensify.
Low Volatility and Possible Breakout for XRP
According to market analyst Doctor Magic, XRP is currently experiencing its lowest levels of volatility, which could set the stage for a significant breakout soon. The analyst pointed to data from the Bollinger Bands (BB) indicator, which shows an extended period of volatility contraction.
Specifically, the Bollinger Band Width (BBW) for XRP has reached an extreme low, indicating that the digital asset has been in a phase of low volatility for an extended period.
Historically, periods of low volatility have been followed by substantial price movements, and this scenario could be no different for XRP. Doctor Magic further highlighted that the token has been consolidating for six years.
Once this phase ends, a strong breakout could occur, potentially driving the price significantly higher. Grayscale XRP Trust could catalyze such a breakout, as institutional investors may be drawn to the cryptocurrency through this new offering.
Reversals in Multiple XRP Pairs Suggest Upward Potential
In addition to analyzing XRP’s overall market potential, Doctor Magic reviewed key trading pairs of the token, including XRP/BTC, XRP/NVDA, XRP/ETH, and XRP dominance (XRP.D). His analysis of these pairs revealed that XRP is showing signs of reversing from important support clusters established in previous market cycles.
For example, the XRP/BTC pair had experienced a multi-year decline but has now found support at levels similar to those seen during the 2017 market cycle. A similar trend is visible in the XRP/NVDA pair, which tracks XRP’s performance relative to Nvidia’s stock. Both pairs appear to have reached a bottom, suggesting a potential reversal from these historical support levels.
The XRP/ETH pair has shown a similar pattern, with XRP beginning to gain strength against Ethereum. According to Doctor Magic, this reversal from long-term support suggests that XRP may continue on an upward trajectory as it gains ground relative to other major assets.
XRP Dominance and Fibonacci Price Targets
A key part of the analysis is XRP’s market dominance, measured by the XRP.D chart. Over the past few years, XRP’s share of the overall cryptocurrency market has diminished significantly.
However, recent data shows a slight increase in the token’s market dominance, which could indicate a shift in momentum. If XRP continues to regain market share, this could further support its price rise in the coming months.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Doctor Magic also used Fibonacci extension levels to provide potential price targets for XRP. Based on his analysis, the 1.272 and 1.414 Fibonacci extensions suggest the digital asset could reach price levels between $8 and $13. While these targets are ambitious, they align with the reversals seen in the key XRP pairs and the overall trend of XRP gaining strength after years of consolidation.
In response to investor questions about whether a $10 target is realistic, Doctor Magic emphasized that XRP’s current technical patterns, combined with increased interest from institutional investors, could support such a price increase. The combination of low volatility, multiple pair reversals, and rising market dominance presents a compelling case for its potential upward trajectory.
As the market evolves, many investors are watching XRP closely, anticipating that the next major move could be imminent, especially as Grayscale’s XRP Trust lays the groundwork for broader adoption.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
Follow us on Twitter, Facebook, Telegram, and Google News
The post Expert Sets $13 XRP Price Target Based On This Bullish Indicator appeared first on Times Tabloid.
