As the correction in the crypto markets continues, a popular crypto analyst caught the attention with his Ripple (XRP) prediction. Referring to the Relative Strength Index (RSI) technical indicator, the analyst expects the altcoin price to recover soon and reach new highs in the coming months.
According to Dark Defender, XRP is poised to gain massive upward momentum. The analyst pointed out that XRP has recently touched a previously recognized correction target – support level. To further support his forecast, he noted that XRP’s daily RSI has fallen into the oversold area.
Koinfinans.com As we reported, traders tend to accumulate more of a crypto asset when the RSI indicates oversold. And often, the massive accumulation of a cryptocurrency triggers a spike in price.
XRP Projected Targets
According to the chart it shared, Dark Defender predicts that XRP will reach three targets in several bullish waves after its price performance in the past weeks. After breaking $0.58 in March, the bears dragged the XRP price down throughout April. However, the popular altcoin found support at $0.412 earlier this month. Therefore, the technical analyst who foretold the latest XRP price correction, calling it wave 2, reported that XRP is now ready for the next wave of price rally. Specifically, the crypto asset is expected to reach $0.89 and $1.76 in the medium term, which marks the 3rd wave. waiting.
In other words, the analyst predicts that XRP will rise roughly 161% and 261% between the end of June and the end of September. Moreover, Dark Defender expects XRP to reach $3.47 by December 2023 if it exceeds $1.76.
Senior investor Peter Brandt shared a similar prediction, noting that XRP has made a rare bottom. Likewise, several other experts continue to share their bullish sentiments regarding XRP. Apart from these, XRP could rise sharply if it is classified as non-securities by the presiding judge in the ongoing Ripple-SEC lawsuit.
You can follow the current price action here.