Jacob Bury
The price of XRP has been chopping between the high and low $0.30’s over the last 54 days and has just rocketed above $0.40. Breaking a key resistance level of $0.40, XRP recovering back to $0.50 might still be possible for the bulls.
According to Coinmarketcap XRP is now ranked #7 amongst other cryptocurrencies and has a total market capital of $20.3 billion. Trading volume is up by 38.23% as all eyes are now on XRP as it is currently in the limelight of the crypto markets.
Will XRP continue to pump? XRP is available on eToro.
Cryptoassets are a highly volatile unregulated investment product.
XRP Price Prediction 2022
From a technical analysis perspective it is no doubt that XRP is still in a long-term downtrend. From the top of $1.97 in April 2021, XRP now trades at a rather undervalued looking $0.40 which is 79.72% down from the peak of last year’s bull market.
Today however, XRP has managed to test a key resistance trendline that it has not been able to get close to since the last 175 days.
XRP is currently on the verge of breaking out of a horizontal channel consolidation pattern, residing within the channel is the formation of a potential double bottom reversal pattern too.
Should XRP be able to breakout to the upside with enough celerity and bullish momentum $0.51 could be considered a pragmatic target for the remainder of 2022.
XRP/TetherUS – Weekly Time Frame.
The above chart reflects strength from the bulls as we have seen 4 consecutively green weekly candles for XRP. In addition to this, just today XRP finally retested an imperative resistance level of the descending triangle that is shown on the image above.
With enough price momentum we could see XRP surge up to the $0.51 price level which is a technical target from major resistance levels set in 2021.
Whilst September is infamous for being notorious for cryptocurrency, October, November and December usually prove to be rather fruitful in terms of Bitcoin and overall crypto market performance.
XRP/TetherUS – Weekly Time Frame.
Momentarily XRP was able to rise to $0.425 today, but has now slightly re-traced back down to the $0.4069 price level.
It is vital that XRP can hold above the support trendline of the horizontal channel in order to prevent negative price momentum.
The technical price target for completing the double bottom reversal pattern as well as breaking out of the horizontal channel would bring the price of XRP up by roughly 32.65% to $0.51.
Of course the crypto markets are still very risky at the moment, Bitcoin still remains under $20,000 and the overall sentiment is bearish whilst the markets still linger with fear from retailers.
The bearish scenario is losing support at $0.40 and plummeting back down to the region of $0.32 which could serve as a good reaccumulation range for XRP.
On the 13th June 2022, Bitcoin crossed the 200-week moving average for the first time in years, the results were deleterious for many altcoins in the crypto markets.
As a result, XRP bottomed out at $0.28 which proved to be a fantastic reaccumulation range. Still today, $0.28 marks the bottom, at least for now.
XRP Crypto Video Analysis
XRP has a very high market capital of $20.3 billion, compared to the previous all time high of XRP the price is still looking rather undervalued. In 2018 XRP achieved a tremendous market capital of $130b.
Following many major legal issues, the market capital of XRP has never been able to recover since and the legalities have suppressed any major bull run for XRP. Once the XRP lawsuit has come to an end, I still believe XRP could surpass the $200 billion market capital levels by 2025. This would make a 10x from current price levels and could prove to be lucrative for the long-term investor.
Interested parties can buy XRP on eToro.
Cryptoassets are a highly volatile unregulated investment product.
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This article was written for Business 2 Community by Jacob Bury.
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