As the XRP price and its future trajectory continue to be a hot topic for debate, crypto research firm Sistine Research has weighed in on this debate using technical analysis. XRP holders are set to love this one, as their prediction is bullish.
Where Is XRP Price Headed?
In a post shared on the X (formerly Twitter) platform, Sistine Research stated that, despite the current market outlook, XRP is one of the tokens with a bullish chart in the crypto market as of now.
Their bullish sentiment was projected in their post, which contained a weekly chart that suggested an accumulated pattern since May 2022, with the XRP price having the potential to rally to as high as $1.5, an over 200% increase from its current price of $0.49.
Source: X
The research firm also used the XRP/Bitcoin chart to further drive home their bullish sentiment. The chart showed XRP's potential to outperform the flagship cryptocurrency with its projected rally to $1.5. However, it seems that the XRP price could decline to the $0.40 support level before any massive rally.
Source: X
Clarification On The Charts
Sensing that there was some form of skepticism from many in the crypto community, Sistine Research released a subsequent post where it further elaborated on its technical analysis. It explained that from the charts, it was evident that there is a long-term accumulation that is trending upwards.
According to them, during this period, buyers are willing to dive into the market and provide support to the token at higher and higher prices, likely suggesting that a potential retracement or dump by the bears doesn't faze the bulls.
Sistine alluded to the fact that the most recent pump on the chart was larger than the previous pump. This supposedly shows that buyers are active as they are still accumulating at higher prices rather than waiting for a decline before going in. While all this is happening, sellers are still holding their tokens as they anticipate higher prices before selling.
They compared this XRP chart to the BTC chart in 2018, when buyers got weaker, and sellers had control of the market, selling every pump at lower prices.
The research firm also suggested that DOGE's chart is currently experiencing something similar (to the 2018 BTC chart) as they stated that the XRP price chart is "objectively bullish" in comparison to the meme coin, which is "exhibiting major signs of buyer exhaustion."
As of the time of writing, the XRP price is trading at $0.49, around 0.30% in the last 24 hours, according to data from CoinMarketCap.
XRP holding at $0.49 | Source: XRPUSD On Tradingview.com
Featured image from CoinMarketCap, chart from Tradingview.com
Source: NewsBTC.com
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