XRP is eager to move to 3 USD. The only thing that can stop XRP now is a breakdown in BTC. BTC is looking really weak now, and it is testing an important support (breakdown) level. IF BTC holds or IF BTC doesn’t sell off too hard it will allow to move to 3 USD in the short term. Even though our most bullish price forecast for XRP might not get realized this year, we certainly expect our first bullish target of 3 USD to be hit.
On April 4th, 2021 we wrote this in the public domain: XRP: Slowly But Surely Back To Normal
Interestingly, in recent weeks there is an attempt to turn smoother, more constructive … and we do know that a smooth chart suggests that buyers and sellers find consensus in the dominant direction. The direction we see is up, where a cup-and-handle formation is now in the last phase of completion. The cup was the violent decline in Dec/Jan, the handle is the small green box (March).
XRP was trading at 0.59 USD back then.
It is trading at 1.59 USD at the time of writing.
Is there more upside potential in XRP? Yes there is, it can easily double from here.
And it’s clear that is eager to move to 3 USD as its first target, it’s crystal clear to us.
Whether is will succeed and when exactly it will succeed will depend on BTC: it is now testing an important support level which if it gives up will trigger a breakdown.
The daily XRP chart below shows that a sustained move above 1.70 USD will bring XRP to 3 USD in no-time. Support comes in at 1.20 USD.
Even in the worst case scenario in which BTC will break down next week we expect XRP to initially sell off and come back up soon. That’s because it has a solid setup right now. In 2018 we saw a similar situation in which BTC broke down (mid-December 2017) but a few coins continued to do well in the first months of 2018.
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