Crypto analysts Mikybull Crypto and CrediBULL Crypto painted a bullish picture for XRP with $2 as the predicted price by the end of November. Mikybull Crypto noted that XRP price has great bullish potential at the moment. It is likely to start an uptrend soon.
CrediBULL Crypto backs this prediction stating that there is a critical level that XRP is about to hit. This could lead to an extended 5th wave rally, which is usually associated with major price hikes.
The analysts focused on XRP price current levels, noting that the cryptocurrency is in a good place to overcome resistance levels. This may open the way to the $2 level.
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Nevertheless, the forecast depends on the overall market situation. Specifically the price dynamics of Bitcoin, which plays a critical role in XRP’s performance.
XRP’s Rally to $2 Depends on Bitcoin’s Stability
According to CrediBULL Crypto, this upswing to $2 is only conceivable if Bitcoin holds ground above $94,000. The analyst revealed that Bitcoin’s price plays a decisive role in the overall cryptocurrency market. If Bitcoin price falls below this level it would adversely affect the upward movement of XRP.
XRP’s recent price action shows that it is in a critical zone. It can either proceed to wave 5 extension if BTC continues its upward movement.
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While the Bitcoin trend remains in the upward direction, a pullback below crucial support levels might be bearish for XRP. It may lead to consolidation or correction. According to the analyst, the XRP is likely to hit $2 if Bitcoin remains stable. Other altcoins benefitting from positive market sentiment and increased demand.
Similarly, another market analyst, Egrag Crypto has opined that once XRP breaches the $2 mark, it could rally towards higher heights. In his analysis, he pointed out the $2 price point as the key level. It corresponds to the Fib 0.236 channel.
A breakthrough of this level may draw the attention of investors. It could provoke a price increase toward the double digit mark.
Egrag Crypto noted that Historical patterns show that XRP usually passes key Fibonacci levels in bullish cycles. However, he stated that with the right news and market catalysts the crypto could see a huge spike in demand. In fact it will probably rally past the $2 threshold and begin seeing new price discovery.
Elliot Wave Theory Projects XRP Price at $13
Market commentators have used Elliott Wave Theory to project long term bullish potential for XRP. It suggested price targets as high as $13. This analysis of XRP indicates that the coin is in the fourth corrective wave of a larger bullish structure.
Going forward, the next phase, wave 5 is expected to take XRP to price discovery model. The target’s short term up are nearly $3.80 to $4.20.
In accordance with Elliott Wave Theory, XRP could start its final 5th wave following a macro wave 4 correction and take prices from $8 to $13. Analysts say that XRP’s bullish rally is driven by bullish investor confidence, expanding market demand, and supportive technicals.
At press time, XRP is priced at $1.42, up 5% over the last 24 hours. More so, the 24 hour trading volume is $7.88 billion and market capitalization is $80 billion.
