Expert Predicts XRP Will Rise to $26, Cites Technical Analysis as the Source

Following a sharp move to $0.63 on August 7, XRP has been consolidating around $0.57. Its price moves opposite the broader crypto market performance today, suggesting bullish sentiment and optimism among investors.

Several analysts have made bullish forecasts about XRP's future price. Crypto analyst Doctor Magic weighed in on unspecified arguments over analyst's prediction that XRP will trade between $8 and $13.

Just read some heated comments below an analyst that predicted an $8-$13 $XRP . First of all we don't make these targets out of our mind , these are Fibonacci Levels. Secondly if I'm right and alts do lead the next rally which would confirm a 2017 style run for the whole crypto... pic.twitter.com/oo3qQEsql8

- Doctor Magic (@Doctor_Magic_) August 18, 2024

Magic clarified that XRP predictions are not exaggerated or based on assumptions; instead, analysts only infer what the chart says. He gave an even higher target for XRP, predicting it will hit $26.5 in the next bull run.

Crypto Analyst Bullish on XRP

Doctor Magic on X said he discovered criticism from some followers for an analyst who predicted that XRP would reach the $8-$13 range.

Magic noted that analysts do not make price targets based on assumptions but rely on Fibonacci levels. Further, he stated that if his prediction is correct and altcoins lead the next rally, XRP will perform similarly to its 2017 pattern, possibly reaching $26.5.

However, he clarified that XRP's price action may not precisely follow the 2017 rally. If XRP's price followed the 2017 cycle, it would rally to $241.

And btw this is not me calling for an exact 2017 pump. If I was doing that I would call for $241 . $26.5 is me calling diminishing prices in a 6+ year pattern pic.twitter.com/HTvp5hu0sx

- Doctor Magic (@Doctor_Magic_) August 18, 2024

According to the analysts, his $26.5 prediction factored in the diminishing price pattern over six years. Doctor Magic referred to his $26.5 price forecast as a base scenario for XRP, implying it could perform even better.

For clarity, a base scenario is an average case where the market performs ordinarily and certain variables are considered.

XRP rallied 48.8% in the 2017 bull run, posting a much better performance than Bitcoin and Ethereum. If XRP witnesses a similar surge in 2024, it will rally to $276.8.

However, Bitcoin seems to be driving the current market trend due to the rising demand for BTC. The introduction of Spot Bitcoin ETFs in the US resulted in a net inflow of $17.37 billion from investors since its launch. The spot ETFs currently occupy 4.65% of Bitcoin's market cap.

Reactions to The Analysis

Meanwhile, one X user reacted to Doctor Magic's analysis, noting that applying Fibonacci levels makes forecasts under probability. He believes no one can rely on an unregulated and manipulated market cycle and expect natural results to occur.

Yeah, the big if" is slipped in there when words like Fibonacci" is used... How can anyone rely on an unregulated and manipulated market for any natural cycle (in nature or finance) to occur???

- someone called Stuart (@wakingworldsfg) August 18, 2024

Another commenter, Rene David, set his price targets for XRP at $17 and $34. David believes there is a medium possibility that XRP could go higher, so those predicting $100 are still correct.

My targets are $17 to $34 with a medium to high possibility of over-extension which means that those calling for $100 are not absolutely out of their minds, it's a real possibility.

- Rene David (@Jedi421) August 18, 2024

However, these predictions depend primarily on XRP's utility and adoption. An analyst called Krippenrieter on X urged XRPL developers to focus on the original vision and use XRP for DeFi and other financial solutions.

Meanwhile, an X user, Xeowolf, expressed concerns about XRP's ample supply, stating that all price predictions must consider selling pressure. The X user noted that several traders could dump their tokens at $2.0, $3.0, $4.0, and $5.0. Therefore, the odds of XRP rising to trade between $10 and $20 are very low.

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