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Ripple‘s fate has suddenly changed with a positive preliminary decision in the Ripple case, and now XRP is making significant progress. Initially, XRP dropped to $0.91 and then rebounded, and now it is in a position to potentially experience a new surge.
The Current Situation of XRP
Although XRP has dropped to $0.70, this is believed to be the calm before the storm. The fact that XRP is able to bounce back after the price drop and not lose its critical support means that there is still a possibility for an upward movement. Additionally, it can be observed that investors are concentrated between $0.69 and $0.67. Currently, the XRP price is displaying a morning star formation, which is known as a formation that takes into account the 61.80 Fibonacci level.
Furthermore, it is evident that the price has reached a double bottom level and is targeting $0.81.
The real bomb for XRP could be a target of $5. When looking at the current state of XRP, it can be said that all of this is preparation before a major rally. Looking at the historical cycles and charts for XRP, it is seen that during the 2020 bull trend, it achieved an average daily increase of 2%. If a similar trend continues, it will not be difficult to predict where XRP can reach.
Bullish Outlook for XRP Price
Taking the XRP price at $0.70 as a base, if a daily increase of 1.94% is predicted and this increase continues, it will coincide with a significant increase at the end of 60 days. According to the current calculation, at the end of the 60-day period, it can be observed that the price reaches $4.37 with a daily average increase of only 1.94%. Although XRP experienced daily increases of up to 30% during the previous bull season, the daily average appears to be 1.94%. This actually raises the expectations of XRP investors. XRP, which previously reached $3 and set an all-time record, is lagging behind other altcoins in this bull rally. However, this indicates that a target of $4 is quite possible.
Nevertheless, for XRP, $1.03, which corresponds to the 1.618 Fibo level after $0.91, is a critical resistance level. Breaking this level could bring about an explosion that has not been seen in years.
