Renowned crypto analyst Tom has confidently stated that an anticipated XRP surge to $21.5 is not merely a speculation but a definite event on the horizon. He disclosed that a calculated move is on the cards for the altcoin, paving the way for it to reach the $21 target.
XRP Gearing Up for Record High of $21.5
In a recent X post, Tom projected that XRP is poised for a significant surge to a new all-time high (ATH) of $21.50, with this price target marking his second take-profit zone. He recounted his previous success with XRP, having held the token from $0.30 all the way to its current ATH of $3.84.
Further Reading
Tom is now back in the game, holding XRP once again and setting his sights on higher price targets. He highlighted several positive indicators as XRP aims for the $21.50 milestone, pointing out the activation of a 3-week golden cross. Additionally, Tom emphasized that the current market base mirrors a 1:1 fractal of the 2014 to 2017 cycle and highlighted the lower volume compared to the previous cycle’s bottom, indicating a scarcity of supply.
In another X post, Tom reiterated his optimistic forecast for XRP, citing the potential impact of the CLARITY Act as a catalyst for a rally. His accompanying analysis suggested that XRP could reach $2.8 by July, aligning with the timeline for the crypto bill’s approval. The regulatory clarity provided by the bill, which classifies XRP as a commodity, bodes well for the altcoin’s future.
Another crypto analyst, Michael, echoed similar sentiments regarding XRP, predicting an imminent parabolic rally that could mark the biggest breakout of the year, given the altcoin’s recent bottoming out.
XRP’s Bottom Yet to be Confirmed Despite Recent Upswing
Contrary to recent price movements pushing XRP above $1.4, crypto analyst Egrag Crypto believes that the altcoin has not hit bottom yet. In an insightful X post, he pointed out a fascinating diminishing downside pattern on the weekly chart in relation to the 200 SMA. Egrag Crypto highlighted that during the first major cycle low, XRP bottomed around 60% below the 200 SMA, whereas during the second cycle low, the bottom was approximately 40% below the 200 SMA.
Further Reading
Applying the same diminishing downside logic, the analyst projected a potential bottom 20% below the 200 SMA, translating to a price target of $0.93. Egrag Crypto defended this thesis by stating that mature assets tend to exhibit reduced downside volatility and smaller capitulation percentages. Such assets also benefit from stronger macro support structures and increased institutional liquidity stabilization.
As of the latest update, XRP is trading around $1.45, marking a 2% increase in the past 24 hours, according to data from CoinMarketCap.
Image source: Adobe Stock, chart courtesy of Tradingview.com