Cryptocurrency analyst Remi predicted this XRP price can reach $1,200. The analyst also highlighted the factors that could trigger this 50,000% rally for the altcoin, even as it is currently crashing in the broader cryptocurrency market.
The analyst predicts that the price of XRP will reach $1,200. Here’s why
In Post XRemi stated that the charts currently show that: E-wave Rally to $1,200 for the price of XRP. The analyst noted that the altcoin surged 76,000% in 2017, with no utility and driven solely by retail speculation. However, this time, XRP only needs a 50,000% gain to reach this goal, and it also has a tool and institutional FOMO, which makes this projected goal more promising.
This institutional FOMO is expected to come through XRP ETFsto be approved by the SEC after the end of the U.S. government shutdown. While these funds are expected to provide fresh liquidity to the XRP ecosystem, it remains to be seen what impact they will have on the XRP price.
Meanwhile, Remi advised XRP holders profit as the XRP price sees a projected parabolic rise. 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 mentioned that no one can ever get to the top, so it’s best to take profits on your way to the top.
This XRP price prediction comes as the altcoin falls along with the broader cryptocurrency market. XRP is trading just above the psychological level of $2 amid US-China trade tensions and other macroeconomic factors such as the prolonged US government shutdowncaused bearish sentiment on the market.
XRP could see another decline before reversing
Cryptocurrency analyst CasiTrades indicated that the XRP price could see another decline before any bullish reversal. This came as she noticed that the altcoin was not showing the strength to invalidate the recent wave of declines, with the price stagnating just around Wave Resistance Levels 4.
CasiTrades further stated that if the current XRP price action were profound V-shaped recoverythen there should be a mighty break above the key resistance at $2.82. However, this breakout did not occur, so it leans towards a market that needs one more wave down to fully exhaust and change sentiment. The analyst predicted that in the event of another wave of declines, a retest of the 0.618 retracement near $1.46 or the golden pocket near $1.35 would be possible.
At the time of writing, XRP is trading around $2.33, down over the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
