CoinDesk Reports:
XRP has declined by 3.22% over the past seven days and 6.33% in the last 24 hours. Despite the drop, market sentiment remains optimistic, with analysts eyeing $35 as the next target.
In recent weeks, XRP has been under speculation due to legal issues surrounding Ripple. During this period, XRP has seen significant volatility and a consistent decline in price.
Over the past seven days, XRP has dropped by 3.22%. Analysts, however, view this as the end of the bear market and anticipate a forthcoming trend reversal.
Based on historical data, several cryptocurrency analysts believe the price could surge in the coming months.
According to MikybullCrypto, a cryptocurrency analyst on Twitter, the impending reversal pattern mirrors a similar trend from 2017. He shared on his page,
“Given the path Palestine Power is on, it might bring a huge rebound akin to 2017. The sentiment around it is quite pessimistic, which leads me to believe this scenario might unfold.”
Another analyst shares a similar view, citing cyclical pattern analysis from 2017 and how current trends reflect the past.
Tylie Eric expressed optimism on his X page about the upcoming price surge, stating,
“One after another. I believe XRP has checked all the boxes and fulfilled all requirements to continue into the third and fifth waves, just like in 2017!”
In 2017, XRP achieved a staggering 1400% growth within a year, surpassing even BTC during the same period. Therefore, based on the same pattern, the double bottom pattern could push prices up to $0.30 in 2017.
Hence, if the same trend continues, prices could rise to $35.
What do the price charts show?
According to AMBCrypto’s analysis, XRP has experienced a downward trend in recent weeks. At the time of writing, XRP’s trading price stands at $0.4523 after a 6.33% decline in 24 hours.
Meanwhile, its trading volume surged by 69.78% to reach $1.5 billion. According to CoinMarketCap, XRP’s market cap has decreased by 6.33% to $25.1 billion.
Despite the price decline, market sentiment remains predominantly optimistic. According to Coinglass, XRP’s Netflow has remained negative over the past month, standing at -$4.03 at the time of writing.
The negative Netflow indicates investors are withdrawing assets from exchanges and storing them in private wallets. These actions suggest investors are holding onto cryptocurrencies long-term rather than selling, a sign of confidence in their future value.
At the time of writing, XRP’s Money Flow Index (MFI) is at 38, indicating consolidation. Similarly, financial institutions see this level as a buying opportunity due to the lower cryptocurrency prices.
Accompanying the buying opportunity is buying pressure, leading to a trend reversal.
Looking ahead, AMBCrypto’s analysis on CryptoQuant shows the exchange has been at elevated levels over the past seven days. This month, the company reported sustained high rates, with highs of $757.7 million and lows of $1.3 million.
Increased foreign exchange outflows indicate investors are increasing their stakes, preparing for the future. This bullish sentiment shows investors are confident in altcoin’s future prices.
Can XRP really reach $35?
XRP has been consolidating over the past seven days. With a 3.22% drop in 24 hours, the token continues to focus on its next resistance level at $0.49.
If XRP breaks this level in a highly optimistic short-term scenario, it will attempt to challenge the resistance zone around $0.549.
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However, failing to hold around the $0.459 support level, if bearish pressure intensifies, prices will further drop to $0.4245.
Despite the positive market sentiment and indicators supporting a potential trend reversal, reaching $35 will be a lengthy process, estimated possibly by 2025.
