Crypto analysts have turned their attention to XRP, as the altcoin has been in a consolidation phase for more than 500 days. Notable XRP expert Edward Farina recently forecasted that the coin will enter a “perpetual cycle.”
During the Istanbul Blockchain Week, Farina expressed his belief that XRP might be on the verge of its largest bull cycle, even amidst the current volatile market conditions. He urged investors to take advantage of the low prices at present.
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Another crypto analyst, Egrag, shared his technical analysis of XRP’s price movements, which aligns with Farina’s optimistic outlook: The token’s recent bounce around crucial support and resistance levels, specifically at $0.3931, indicates a strong support area.
This specific phase of XRP has been consolidating for over a year and a half, which Egrag believes could signify the accumulation required before a significant breakout. His analysis suggests potential bullish targets at $0.739, $0.924, and possibly as high as $1.469.
#XRP 540 Days Ranging Since March 13th, 2024!
If these small fluctuations are affecting you, you’re not ready for the HUGE MEGA PUMPS that are on the way! #XRPArmy STAY STRONG pic.twitter.com/ErNrvkO4F3
— EGRAG CRYPTO (@egragcrypto) September 7, 2024
‘Mega Pump’ On The Horizon?
Based on Egrag’s insights, XRP holders may soon witness what he describes as a “Mega Pump.” He asserts that those who have held onto their tokens during this quiet stage will likely see substantial rewards, in contrast to those who sold their XRP, whom he believes do not deserve the upcoming significant pumps.
While XRP remains in this range, other cryptocurrencies have seen gains. Bitcoin hit its peak in June 2024, while Binance Coin reached its high in April 2024. Even meme currencies like Shiba Inu and FLOKI surged, although, due to the crypto market’s volatility, these gains were not long-lasting.
Nonetheless, some long-term XRP investors remain optimistic, believing that the prolonged accumulation phase will be followed by a breakout.
‘Perpetual Cycle’ Incoming?
Farina advocates for a dollar-cost averaging strategy, where investors gradually purchase an asset, especially when its value has dropped from its peak. He believes XRP is a prime candidate for long-term accumulation since it is currently 80% below its record price of $3.84 from 2018.
$XRP won’t just enter a bull run; it will experience a perpetual cycle. In a few years, we’ll look back at today’s prices and it will seem completely surreal.
EAK TV interview at @IstanbulBlockWk #IBW2024 pic.twitter.com/wS30CFTAHI
— EDO FARINA 🅧 XRP (@edward_farina) September 8, 2024
He also noted that this approach could give investors the chance to gain substantial profits once the market eventually trends upward.
Farina’s optimism is echoed by other analysts, some suggesting that XRP prices could soar to as high as $50 or even $100 in the not-so-distant future.
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Will XRP Break Out?
XRP is currently trading at around $0.527. Observers on CoinMarketCap are optimistic about the token’s recovery, with 73% predicting a rebound soon.
Despite the mixed market sentiments, many investors have taken Farina’s advice to accumulate XRP while prices are low, anticipating significant increases in the long term.
Whether the “mega pump” materializes or not, the lengthy consolidation phase for XRP may well be a precursor to something substantial.
Featured image from Toyota of North Charlotte, chart from TradingView
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