XRP Price Set To Explode: Analyst Identifies Trigger For Next Parabolic Move
December 02 2023 - 11:40AM
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Crypto analyst JD has once again commented on XRP making a
“parabolic” move. This time around, he has identified exactly what
needs to happen for the crypto token to enjoy a significant
rally. Related Reading: Bitcoin A Tad Closer To $40,000 – Is
$41K The Next Stop In A Few Days? All Eyes On The MACD In a post
shared on his X (formerly Twitter) platform, JD highlighted the
MACD (Moving Average Convergence Divergence) as the trigger for the
crypto to enjoy a significant rally. He noted how XRP went
“parabolic” the last time the MACD crossed the 0 level. According
to him, that hasn’t happened this time, but the market seems very
close to that level. JD shared an accompanying chart to
elucidate his point. From the chart, one could see that XRP enjoyed
a 650x gain the last time the MACD crossed 0. This significant
breakout, which came in 2017, happened after a 4-year trendline
that dated back to 2014. This time, the coin has consolidated
for a longer period as he highlighted an 8-year trendline that
dates back to 2017. He expects the market to instantly become
bullish if there can be a breakout from that trendline. For now, JD
believes that a bullish cross is still in play despite the fact
that the MACD is below 0. In response to his post, another X
user stated that “it’s game over” once XRP crosses the $0.92 price
level. JD seemed to agree as he stated that it was going to happen.
Meanwhile, the crypto analyst has remained cautious about giving a
prediction as to what price level XRP could hit. However, from the
chart he shared, XRP could rise to as high as $15, taking a cue
from 2017. We break that 0.92 level and it’s game over. — Nick |
Crypto Crusader (@NCashOfficial) December 2, 2023 XRP currently
trading at $0.61393 territory on the daily chart: TradingView.com
Between XRP And Bitcoin Crypto analyst Egrag Crypto has also given
his view on the future trajectory of XRP in relation to Bitcoin. He
spoke about a “Helheim Gate Way” scenario and how Bitcoin’s price
could affect XRP’s. He said BTC surging to the 48k-50k range might
exert pressure on XRP, causing it to decline against the flagship
cryptocurrency. Related Reading: Ethereum ATH: Exploring The
Possibility Of Ether’s New Peaks In 2024 In this scenario, XRP’s
decline is a result of Bitcoin apparently absorbing substantial
liquidity, driving the latter’s dominance higher. However, things
could turn out differently if XRP decides to “decouple and carve
its unique path.” Although this projection doesn’t seem favorable
for XRP, Egrag noted that it could still be “remarkably bullish.”
The reason is that liquidity could flow back “aggressively and
abruptly” to altcoins like XRP once Bitcoin releases all the
absorbed funds. Crypto analyst CrediBULL Crypto has once mentioned
something in this regard. He stated that XRP’s price could
decline in the short term as Bitcoin continues to enjoy a parabolic
rise. He, however, mentioned that XRP will be one of the biggest
benefactors once there is an “influx of new money.” Featured image
from iStock
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