The XRP price is still consolidating following a month of bullish price action, which may be an indication that bulls are taking some much-needed profit. Despite this, Will Taylor, a crypto analyst, and enthusiast who goes by the handle Cryptoinsightuk on social media, predicts that XRP is going to make a massive rise today on its way to reaching a price target of $1.06, representing a 60% increase from its current price.
Will XRP Price Finally Explode Today? Analyst Calls for $1.06 Target
Cryptoinsightsuk has been following XRP’s price action as a countdown for a while now, as the XRP price started to lose some of its price gains last week. The token has been stuck in a narrow range for some days now, oscillating up and down and waiting to break out in any direction, either up or down.
The analyst started with a $0.90-$1.00 price target and a blast-off to between $10 to 14 dollars within four to five weeks. He termed the blast-off as a long jump world record attempt for XRP. According to his recent analysis of the countdown, all the signs are there that a major breakout is imminent.
The 4HR Stochastic relative strength index (RSI) shows the asset is currently consolidating around the middle of the overbought and the oversold channel, which it has maintained since May. If prices go into the oversold zone, this will be an indication that momentum is about to shift to the upside.
$XRP Blast off T-1 day.
If we take a look at the 4HR Stochastic RSI.
We can see that during this uptrend, we have had periods of consolidations and cool offs. When we dive into the oversold area this normally indicates we are about to have a shift in momentum and move back to… pic.twitter.com/wc5nveWmxS
— Cryptoinsightuk (@Cryptoinsightuk) November 13, 2023
“When we dive into the oversold area this normally indicates we are about to have a shift in momentum and move back to the upside,” the analyst said.
A move to the upside will then lead to an aggressive move to $1.06, surpassing yesterday’s price target of $0.90.
BlackRock’s XRP ETF- Confirmation Of The RSI Oversold
XRP recently witnessed an unexpected surge in its price as news came out of BlackRock’s proposed ETF based on the XRP price. This turned out to be false, but XRP jumped to 73 cents from 65 cents in around 20 minutes, and short futures traders were liquidated by more than $7 million. Traders have since sold off and the XRP price is now back to trading around $0.66.
In an update to his analysis in light of the XRP price spike, Cryptoinsightuk noted that the selloff after the spike on the XRP ETF news pushed the RSI into the oversold area again. As a result, the analysis has been confirmed, and a move into the target range of $0.89-$1.35 might be coming soon.
“Today is blast off day after all,” he said.
Now $XRP ETF not fake news?
I honestly have no idea what to believe at the minute. My gut tells me its fake news.
However, this feels (in terms of sentiment and price action)… pic.twitter.com/FWtenbxrvM
— Cryptoinsightuk (@Cryptoinsightuk) November 14, 2023
Token price retraces after pump | Source: XRPUSD on Tradingview.com
Featured image from CNN.com, chart from Tradingview.com