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XRP, the blockchain company Ripple‘s cryptocurrency, has started to solidify its gains after a major victory in the lawsuit against the U.S. Securities and Exchange Commission (SEC). A popular crypto analyst believes that XRP can sustain its gains and even reach $21 in the next few years.
Indeed, prominent cryptocurrency expert CoinsKid highlighted in a YouTube video on August 8th that a significant movement could be possible when analyzing the price movement of XRP over a weekly time frame.
Will XRP Rise?
CoinsKid specifically mentioned that he expects XRP to surpass the 78.6% Fibonacci retracement level, which is currently at $1.30. If the token manages to do so, the analyst believes it could be a strong buying signal and projects a price level of $21 by 2025.
I think we could be on the verge of a significant movement once this correction is out of the way. I expect XRP to surpass the 78.6% Fib at $1.30. If XRP manages to do this, I believe it will be a strong buying signal and XRP could reach $21.
The analyst also reiterated his confidence in XRP’s long-term upward trend, stating that it has been in a “major” bullish market structure since 2020 and that the recent corrective phase is a normal part of the bull market cycle.
What is the Value of 1 XRP in Turkish Lira?
Meanwhile, XRP has shown a gain of 32.54% on its monthly chart. At the time of writing, it was trading at $0.623, representing a 0.79% increase in the last 24 hours and a 9.6% decrease in the previous seven days. In terms of XRP/TRY, the price was continuing to trade at 17 Turkish Lira with a daily increase of 1.4%.
Recently, crypto trading analyst Michaël van de Poppe explained that XRP is currently undergoing a correction due to investors taking profits at high prices and “buyers not stepping in due to lack of confidence.” In light of this, investors should exercise caution.
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