XRP to Hit $26? Expert Says Price Target Backed by Solid Technical Analysis
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The XRP price has risen by 2.5% today, reaching $0.5805 as the crypto market as a whole falls by 1.5% in the past 24 hours.
XRP has also gained by 1.5% in the past week and by 24% in the past fortnight, although the altcoin has dropped by 2% in the last 30 days.
However, some analysts are expecting the token to increase massively in the coming months, with one trader on Crypto Twitter – Doctor Magic – using Fibonacci levels to justify a target of $26 during the next bull cycle.
Given that this price would imply a market cap of just over $1.4 trillion (BTC is currently $1.14 trillion), such a target may be a best-case scenario.
However, XRP is certainly deserving of a big increase in the not-too distant future, especially with the coin remaining 82% down from its 2018 all-time high of $3.40.
XRP to Hit $26? Expert Says Price Target Backed by Solid Technical Analysis
XRP is now showing a big increase in momentum, with its indicators actually in danger of reaching overbought territory.
Its RSI (purple) has touched 70 in the past hour, a sign of strong buying pressure that may continue until the indicator hits the 80 mark.
At the same time, XRP’s 30-period average (orange) has just climbed over the 200-period average (blue), forming a golden cross that can signal a big breakout.
XRP’s rally today has now pushed its resistance level (red) much higher, a sign that it may be entering a new medium- or long-term range.
Some experts certainly believe that XRP has an exciting future, with the aforementioned Doctor Magic setting $26 as their price target for the altcoin.
In fact, the trader suggests that $26 is more of a conservative target, with a repeat of the 2017 pump potentially pushing XRP as high as $241, if such a repeat were to happen.
Such levels are unlikely in the next few years, yet it’s more than arguable to suggest that XRP should rally big in the near future.
This is for a couple of reasons, with the first being that Ripple has now settled with the SEC, putting to bed a long chapter of legal uncertainty.
This settlement has freed Ripple up to begin growing its business, with the firm already announcing a couple of new partnerships in the past week or so, with SBI Holdings and DIFC Innovation Hub.
This bodes well for XRP’s future, and with the market expecting rate cuts in the next few weeks, bullishness could increase more generally.
We may therefore see XRP reach $1 by the final months of the year.
Alternative Alts for Big Gains
XRP has failed to set the market alight since Ripple ended its case with the SEC, something which may be a cause for concern for some traders.
As such, they may prefer to turn to newer tokens, with a handful of presale coins gaining considerable momentum right now.
One strong example of this is Base Dawgz (DAWGZ), a multi-chain meme coin that has raised nearly $3 million in its token offering.
DAWGZ is turning heads by virtue of the fact that it’s a multi-chain meme coin, with the token set to run on Ethereum, Base, Solana, Avalanche, and BNB Chain.
This existence on multiple chains will provide DAWGZ with a much wider and bigger ecosystem, with the coin potentially attracting many more users and investors than it would have as a single-chain token.
It also seems to be helping that it has chosen a base-jumping Shiba Inu dog as its meme, with the project now boasting over 5,000 followers on X.
This is a modest number, but it’s impressive given that Base Dawgz unveiled itself only a couple of months ago.
The token will have a max supply of 8.453 billion tokens, with 20% allocated to staking and 20% to the presale.
Interested investors can hop on its sale by going to the official Base Dawgz website, where 1 DAWGZ costs $0.007784.
This price will rise fractionally in just under a day, although it could rise much, much higher once it lists on exchanges.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.- Trump Appoints PayPal Veteran David Sacks as ‘White House AI and Crypto Czar’
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