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Ripple (XRP) price has shown a 100% increase from January 1 to December 31, making it one of the biggest gainers of 2023. Despite this momentum, there is a bullish XRP prediction circulating that suggests XRP’s price could rise to at least $11.
Ripple Price Analysis
Technical analysis on a weekly timeframe indicates a significant inconsistency between the bullish cycle that began in 2017 and the one in 2020. In the 2017 cycle, XRP price experienced a massive increase of 88,000% in one year. In contrast, 2020 saw an increase of 1,800%. Moreover, the all-time high of January at $3.53 still stands. Thus, the 2020 cycle can only be considered a relief rally, or it could be part of a larger cycle since XRP price has not reached its all-time high.
Additionally, a descending resistance trend line can be drawn from the all-time high, which aligns with the peak of 2021. This trend line has been validated five times. The market cycles of Bitcoin (BTC) and Ethereum (ETH) have been weaker in magnitude each time. Therefore, it is possible to assume the same could happen with XRP. Assuming a maximum increase of 1,800% from the lowest level of the 2022 cycle, XRP could reach as high as $5.60 if the assumption holds true.
Historical Data on Ripple
However, the XRP price has been rising for 567 days from its lowest level, making it the longest market cycle to date. It’s also worth noting that the cycle began with the lowest weekly RSI value ever recorded for the low cycle, which had never before entered the oversold region. The main outlines of how the bullish prediction for XRP could come true lie in the possibility that the cycle starting in 2020 is only the first part of a larger cycle, or that the price has been stuck in a correction since 2017 and the new cycle could rise even further. Notably, such a movement was not observed in most other cryptocurrencies that started new cycles in 2020.
A breakout covering the entire length of the triangle could lead to a peak near $20. This would represent an increase of 6,700% from the lowest level. The eclipse observed in 2020 could happen and almost reach the one from 2017. For this possibility to remain valid, XRP’s price would need to break out from the symmetrical triangle. Additionally, the RSI would need to break out from the descending resistance trend line. Despite this bullish prediction for XRP’s price, there are numerous horizontal and Fib resistance levels at $1.65, $3, and $9.20, respectively, which could make it difficult for XRP to reach its target even if it breaks out.
