Experts now see XRP’s outlook as more bullish than a drop to $0.50 as they believe it remains in a very strong uptrend.
Market analysts are increasingly highlighting that XRP is firmly positioned in an upward trend, challenging the notion that it might drop to $0.50.
In a recent post on X, analyst Dom provided a long-term perspective on XRP, sharing a historical chart that illustrates its significant rallies during the last two market cycles.
He emphasized that the current chart formation suggests XRP is poised for further gains, stating that it “wants higher.”
A More Bullish XRP Setup
Dom pointed out that XRP’s current structure differs markedly from previous peaks.
During the 2017/2018 cycle, XRP recorded ten daily closes above $2 before reaching its all-time high.
In contrast, the 2020/2021 cycle saw no daily closes above $2 prior to the peak.
Currently, however, XRP has achieved 13 daily closes above $2, indicating a stronger foundation.
As XRP consolidates around the $2 range, Dom encourages holders to remain patient, suggesting that the asset still has significant upside potential.
Technical analyst “Chating Guy” echoed Dom’s insights, noting that some market observers have drawn bearish conclusions based on historical patterns.
However, he contends that anyone familiar with technical analysis would recognize that XRP’s present setup is “far more bullish” than the fear of a drop to $0.50, as some critics have warned.
The Basis for Bearish Predictions
Critics predicting a decline to $0.50 often cite XRP’s historical trend of lower lows following previous peaks.
After reaching $3.84 in January 2018, XRP plummeted to $1 within two weeks and traded below $1 by February.
Similarly, after hitting $1.96 in April 2021, it fell to around $0.80 just four weeks later.
These patterns have led some to advise caution, urging market participants to take profits and exit the XRP market.
Despite these warnings, the anticipated crash to $0.50 has not yet occurred.
Although XRP experienced a slight pullback after peaking at $2.865 two weeks ago, it has remained stable within the $2 range.
Renewed Momentum in XRP
As of now, XRP is witnessing a resurgence, trading at $2.62.
Analysts suggest that if the current bull run continues, XRP could potentially rise to $4.50 before facing any resistance.
This bullish sentiment underscores the belief that XRP’s journey is far from over, and patience may be key for holders looking to capitalize on future gains.
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Also Read: XRP’S Drop Now Sparks Optimism
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