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XRP holds an important place among the altcoins available in the market. Following the approval of spot Bitcoin ETFs in the US last week, significant developments occurred, but there was no upward movement in XRP. Consequently, investors seem to be striving to gain insight about XRP.
XRP’s Bull and Bear Cycles
Analyst Dark Defender (@DefendDark), known for his statements on the subject, recently presented a new XRP analysis to investors, which sparked interest among them.
Dark Defender examined the price movements of XRP since 2014 and offered some insights to investors. According to the analysis, XRP has witnessed five historical cycles indicating different durations:
- 30-Month Bear Cycle
- 20-Month Bull Cycle
- 29-Month Bear Cycle
- 13-Month Bull Cycle
- 19-Month Bear Cycle
- Current Cycle and Potential Bull Reversal
According to Dark Defender, we are currently in XRP’s 6th cycle. The analysis suggests that this bull cycle could extend for at least another 10 months and possibly last until May 2024.
Dark Defender noted that he considered the average duration of previous bull cycles (13 + 20) / 2 = 16.5 months to reach this conclusion.
The analyst, who has a clearer view on the rise, also mentioned that a significant barrier could be removed by May 2024, based on the crossover observed in the chart.
The Future of XRP
Although Dark Defender’s price analysis is an important source of hope for the continuation of the rise in XRP, it is important to approach analyses cautiously considering the nature of the crypto market.
Dark Defender’s price analysis, which compiles past data and relies on technical indicators, offers a valuable perspective on the potential future of XRP. As of the time of writing, XRP’s price of $0.5785 indicates a neutral outlook, and investors are curious about when it might surpass $0.60.
In addition, BlackRock CEO Larry Fink recently commented on the possibility of an XRP ETF, which could materialize in a manner that supports the price movement mentioned by Dark Defender. Following the approved spot Bitcoin ETF, the focus has shifted to ETH and XRP among many altcoins in the market. What might happen in the near future is already a subject of curiosity.
