As the XRP price breaks above $1, veteran trader Peter Schiff predicts that the crypto is ready for a parabolic rally. Schiff highlighted that a massive coil pattern is building up for XRP, signaling an imminent explosive move to the upside. This positive outlook is supported by bullish fundamentals, such as the potential resolution of the XRP lawsuit once SEC Chair Gary Gensler resigns. Additionally, XRP has cleared its 2023 high following a ruling that it is not a security, setting the stage for a potential rally to $1.60 to clear its 2021 high.
Moreover, XRP whales are actively accumulating the cryptocurrency, with recent purchases totaling $526 million, further fueling speculation of a rally to as high as $9. This bullish sentiment is echoed by crypto analyst Dark Defender, who conducted an Elliot wave analysis to forecast XRP’s price action. According to Dark Defender, XRP has completed the first wave and is currently in the midst of wave B, which could lead to a bullish reversal back to $1.26. However, a corrective wave C could potentially bring XRP back down to $1 before a potential breakout above $1.33 to rally to $1.88.
Another crypto analyst, Egrag Crypto, predicts that XRP could surge to $4 after crossing the $1 mark, signaling further bullish momentum in the market. Overall, the confluence of positive technical and fundamental factors points towards a potential parabolic rally for XRP in the near future. With key resistance levels being cleared and significant accumulation by XRP whales, the stage is set for a potential surge in price that could see XRP reach new highs and potentially surpass previous targets predicted by analysts. Investors and traders are advised to closely monitor the price action of XRP as it prepares for a potential breakout in the coming days and weeks.
