Crypto analyst Remi predicted this the XRP price it could reach $1,200. The analyst also highlighted factors that could trigger this 50,000% surge for the altcoin even though it is currently collapsing along with the broader cryptocurrency market.
An Analyst Predicts XRP Price to Reach $1,200 – Here’s Why
In a X postRemi said the graphs now show that an Electronic wave rally to $1,200 for the XRP price. The analyst noted that the altcoin saw a 76,000% gain in 2017, with no utility and driven solely by retail speculation. However, this time, XRP only needs a 50,000% gain to achieve this goal, and it has utility and institutional FOMO, which makes this expected target more promising.
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This institutional FOMO is expected to come through the XRP ETFswhich are expected to be approved by the SEC once the US government shutdown ends. While these funds are expected to bring new liquidity into the XRP ecosystem, it remains to be seen what impact they will have on the XRP price.
Meanwhile Remi advised XRP holders to take profits as XRP price records this expected parabolic rally. He added that they should take profits at different intervals, because a black swan event could happen out of nowhere before they reach the “E Wave”. The analyst also said that no one ever times the top, which is why it is better to take profits along the way.
This XRP price prediction comes as the altcoin declines along with the broader cryptocurrency market. XRP is trading just above the psychological $2 level due to trade tensions between the US and China, along with other macro factors such as the prolonged American government shutdownarouse bearish sentiment in the market.
XRP may see another decline before a reversal
Cryptographic analyst CasiTrades indicated that XRP price may see another decline before any bullish reversal. This came when he noticed that the altcoin is not showing the strength that would invalidate the latest bearish wave, and that the price is stalling right around the 4 wave resistance levels.
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CasiTrades further stated that if the current XRP price action was deep V-shaped recoverythen a strong break above the key resistance at $2.82 should have occurred. However, that breakout has not arrived, which is why it is trending towards the market needing another bearish wave for complete exhaustion and a change in sentiment. The analyst predicted that a retest of the .618 retracement around $1.46 or the golden pocket near $1.35 is possible for the next bearish wave.
At the time of writing, XRP price is trading at around $2.33, down over the past 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com