Although XRP has started to consolidate the gains following a major victory of blockchain company Ripple in the legal case against the United States Securities and Exchange Commission (SEC), a popular cryptocurrency analyst believes it might continue its gains and even reach $21 in the next couple of years.
Indeed, the pseudonymous crypto expert CoinsKid provided an analysis of XRP’s price movement on a weekly time frame, stressing that a major move was possible once the cryptocurrency completes a correction, he explained in a video on his YouTube channel streamed on August 8.
Making $21 possible
Specifically, CoinsKid stated that he was looking for XRP to take out the 78.6% Fibonacci retracement level, which currently stands at $1.30. Indeed, if the token manages to do this, the analyst believes it could be a major buy signal and that it could hit the price level of $21 sometime in 2025.
“I think we could be on the cusp of a major move once we get this correction out of the way. (…) I’m looking for XRP to take out the 78.6% Fib, which is at $1.30. If XRP can do this, I believe that it will be a major buy signal and that XRP could reach $21.”
Furthermore, he believes that XRP has been in a “massive” bull market structure since 2020 and that the recent corrective phase is just a normal part of the bull market cycle, reiterating his confidence that the cryptocurrency would continue to rise in the long term.
XRP price analysis
Meanwhile, XRP was at press time changing hands at the price of $0.623, which represents an increase of 0.79% in the last 24 hours and a 9.6% decline across the previous seven days, as it records a 32.54% gain on its monthly chart, according to the latest information.
Recently, crypto trading analyst Michaël van de Poppe explained that XRP was currently correcting because investors have seized the opportunity to make a profit by selling their XRP at a high price and because “buyers are not stepping in due to lack of confidence,” as Finbold reported on August 7.
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Watch the entire video below:
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