Cryptoanalyst Remi predicted it the price of XRP could reach 1200 dollars. The analyst also highlighted the factors that could fuel this 50,000% rally for the altcoin even if it crashes along with the broader crypto market at this point.
Analyst predicts XRP price to hit $1200, here’s why
In an X postRemi stated that the graphs now show that an E-wave rose to $1200 for XRP price. The analyst noted that in 2017, the altcoin saw a 76,000% growth, without any benefit and driven solely by retail speculation. However, this time, XRP only needs a 50,000% gain to reach this goal, and it has both beneficial and institutional FOMO, which makes this projected goal more promising.
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This institutional FOMO is expected to see through XRP ETFswhich should be approved by the SEC after the end of the US government shutdown. While these funds are expected to bring new liquidity to the XRP ecosystem, it remains to be seen how much impact they will have on the price of XRP.
Meanwhile, Remi advised XRP holders profit as the price of XRP records this projected parabolic rise. He added that they should take profits at different intervals, because a black swan event could happen out of nowhere before they reach the ‘E wave.’ The analyst also mentioned that no one can ever time a top, which is why it is best to take profits on the way up.
This XRP price prediction comes at a time when the altcoin is declining along with the broader crypto market. XRP is trading just above the psychological level of $2 due to trade tensions between the US and China, along with other macro factors such as the prolonged US government shutdownencourage bearish sentiment in the market.
XRP could see another drop before a reversal
Crypto analyst CasiTrades indicated that the price of XRP could fall once again before any bullish reversal. This happened after she noticed that the altcoin was not showing the strength to reverse the latest wave of decline, and that the price was stopping right around Wave 4 resistance levels.
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CasiTrades further stated that the current price of XRP would be deep V-shaped recoverythen a strong break above the key resistance at $2.82 was due. However, that breakout hasn’t come, which is why it’s leaning towards a market that needs another wave for complete exhaustion and a change in sentiment. The analyst predicted that a retest of the .618 retracement around $1.46 or a gold pocket near $1.35 is possible for the next bearish wave.
At the time of writing, the price of XRP was trading at around $2.33, a decline over the past 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
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