XRP Price Can Bulls Propel the Price Above 120 in the Next Bullish Cycle

The cryptocurrency market is currently experiencing a downturn, leading many to question its future prospects. Investors are concerned about the possibility of their crypto investments ever reaching new heights. Although some experts believe that the market will eventually recover, there has been a lack of significant price movement for several months. Ripple’s XRP, however, has managed to gain over one percent in the past 24 hours, indicating a potential recovery.

Cheeky Crypto, an analyst, has provided a detailed analysis of XRP’s short to medium-term price predictions. By examining the XRP/USDT chart on Binance’s daily timeframe, the analyst has determined that the coin is currently trading within a downward parallel channel but is demonstrating strong support at the moment. The current price is below both the 50 EMA and 50 SMA, indicating a bearish trend. These averages are currently at 51.6 and 51.1, respectively. Furthermore, the price is also below the 200 EMA at 54.4, further confirming the bearish sentiment.

Despite these bearish indicators, there are positive aspects to consider. The analysis of candlestick patterns reveals overlapping movements, suggesting short-term volatility rather than a sustained trend. The market has been range-bound for some time, and the main concern is the potential formation of a head-and-shoulders pattern, which could indicate a further downward move.

The analyst predicts a minimum drop in price to around $0.4188, with the potential for it to go even lower, ranging between $0.28 and $0.33. The overall market structure and candlestick analysis suggest that while short-term bearish momentum is likely, the long-term outlook for XRP remains positive.

Taking into account concepts such as smart money, Elliott Wave theory, and the stochastic RSI, it is expected that there will be more short-term downside movement. However, when considering the weekly and monthly time frame, XRP appears oversold and is poised for a price increase in the future. It is possible that XRP could reach a price range between $5.59 and $126 during the next bullish cycle, which is likely to occur by 2025 or 2026.

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