XRP Potential Rally: Analyst Explores 85% to 120% Growth

XRP

Market analyst Alan Santana, well-known in financial circles, recently explored potential price movements for XRP, hinting at a substantial 85% to 120% rally contingent on its corrective trajectory.

Analyzing XRP’s Correction Scenarios

On TradingView, Santana assessed two correction scenarios for XRP, emphasizing the likelihood of significant growth. He highlighted that the current bullish trend and wave would serve as catalysts for pushing prices higher.

In Santana’s analysis, he dismissed the likelihood of a bearish scenario for XRP extending beyond a robust, sudden, or unexpected correction. While acknowledging the inherent unpredictability of cryptocurrency markets, Santana pointed out XRP’s historical resilience, often diverging from conventional patterns and defying market norms.

Despite a recent deceleration in XRP’s growth, contrasting with monumental price surges in Bitcoin and other assets, community concerns have emerged. However, market observers maintain optimism, with Santana outlining a bigger picture of a bullish trend and wave positioning XRP for higher prices.

Related article: Valour Digital XRP 10% Asset Basket Amid Upcoming XRP ETP

Anticipated Drop Preceding a Rally

Santana suggested that despite the potential for a normal retrace, the current market conditions indicate a pattern of lower prices leading to eventual higher highs. 

Notably, he observed a decline in XRP’s trade volume since July, following a surge to over $10 billion upon the July 13 ruling.

Highlighting a triangle-top pattern, historically foreshadowing lower prices evolving into upward surges, Santana looked ahead to XRP’s potential. He envisioned a challenge of July’s high between $0.73 and $0.94 in the six-month outlook, with a strong bullish bias indicating a rise of 50%—specifically, an 85% to 120% increase based on the retracement path.

Related also: XRP Introduces Single-Sided XRP Staking on The Root Network

Two Retracement Paths

Santana introduced two possible retracement paths, both suggesting a price surge. The first, depicted in blue, envisions XRP dropping to the $0.51 region before registering an 85% surge. 

Alternatively, the second correction path, illustrated in red, could take XRP down to the $0.43 region, with a subsequent rally of 120%.

Considering the long-term potential, Santana indicated past calculations pointing to a possible target of around $5. However, he emphasized the complexity of predicting cryptocurrency markets and the potential for unforeseen developments, especially in the context of a super-cycle. 

Meanwhile, in the short term, XRP has seen a 2.34% increase over the last 24 hours, reaching a current price of $0.6261, accompanied by a 47.64% spike in 24-hour trade volume to$1,697,979,527 indicating an influx of demand.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.

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