A market analyst has projected how the XRP price could move from here, suggesting that the top would price in amid overwhelmingly bullish sentiments.
This commentary came from CryptoBull, a well-known chartist who has always maintained a bullish stance on XRP. This time, he presented what he believes would be the sequence of events surrounding future XRP price movements as market uncertainty dominates the scene.
Notably, since dropping from the $2.69 high on Oct. 27, XRP has continued to witness bearish pressure. After a slight recovery on the last day of October, XRP faced resistance and recorded a massive 8.66% crash on Nov. 3, representing its largest intraday drop since the Oct. 10 event.
The Same Feeling Before XRP Dropped to $0.11
With XRP now trading below the pivotal $2.20 Baseline, CryptoBull confirmed that he is having the same feeling he had when XRP collapsed to a low of $0.11 in March 2020. For context, after the $3.31 peak of January 2018, XRP saw persistent declines, recording lower highs and lower lows until it dropped to $0.1140 in March 2020.
While this drop marked a massive 96.5% drop from the $3.31 high, it represented XRP’s bottom for the cycle, as prices eventually began recovering after this floor. From the $0.11 mark, XRP rebounded to $1.96 by April 2021 despite the SEC lawsuit that began in December 2020. This represented a 2,803% rise within a year.
CryptoBull believes the XRP market might be at a similar stage. According to him, just like the drop that led to the $0.11 bottom in March 2020, XRP could witness massive capitulation soon. While he failed to predict the floor price this time, the analyst believes a recovery could follow once XRP hits the bottom.
Sign of the Market Top
“Volume and prices will start going up,” the analyst suggested. However, he again chose not to present any price target for this imminent recovery push. Meanwhile, CryptoBull mentioned a trend with which market participants could identify when XRP has reached its top for the bull run.
Specifically, the analyst noted that when bullish sentiments dominate the scene, such that investors start believing XRP will never drop below the $10 mark, that’s when the top is in.
This suggestion implies that he expects XRP to rally past $10 to a much higher level. This level could be $11, $15, or even $30. Interestingly, in August, CryptoBull predicted that XRP could rally to a price between $23 and $30 in the next four months, specifically in December.
While he failed to predict XRP’s price top in the latest commentary, if a drop to $10 represents the typical 70% bear-cycle crash from the cycle top, then the top would sit around $33.
XRP Recovery Price Target
Meanwhile, DustyBC, another market technician, also recently predicted that XRP could still correct further from its current position, falling to $2 or lower. Still, a recovery from this correction could push XRP to $3.5.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.