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Crypto analysts have XRP under close observation as the altcoin has been consolidating for over 500 days. A renowned XRP advocate, Edward Farina, recently forecasted that the coin might enter a “perpetual cycle.” Farina made this prediction during the Istanbul Blockchain Week, suggesting that XRP could soon experience its biggest bull cycle despite the current market instability. He encourages investors to take advantage of the low prices.
Technical Analysis Supports Optimism
Another crypto analyst, Egrag, has shared his technical analysis of XRP’s price movements, echoing Farina’s optimistic outlook. According to Egrag, the token’s recent activity within key support and resistance levels, notably at $0.3931, indicates a solid support zone. Having consolidated for over a year and a half, Egrag believes this accumulation phase could precede a significant breakout. His chart suggests that bullish targets might be at $0.739, $0.924, and potentially as high as $1.469.
‘Mega Pump’ On The Horizon?
From Egrag’s analysis, XRP holders could be on the brink of what he terms a “Mega Pump.” He asserts that those who have held onto their tokens during this quiet phase could be rewarded significantly, whereas those who sold their XRP may miss out on the forthcoming gains.
As XRP remains within its range, other cryptocurrencies have shown growth. Bitcoin reached a peak in June 2024, and Binance Coin peaked in April 2024. Even meme currencies like Shiba Inu and FLOKI saw temporary surges. However, the volatility of the crypto market means these gains were not sustained for long. Despite XRP’s lagging performance, some long-term investors are confident that the extended accumulation phase will lead to a breakout.
‘Perpetual Cycle’ Incoming?
Edward Farina advocates for a dollar-cost averaging strategy, where investors gradually buy an asset, especially when it is down from its peak. He considers XRP an excellent candidate for long-term accumulation, given that it is still 80% below its all-time high of $3.84 from 2018.
Farina believes that XRP will not just experience a bull run but will enter a perpetual cycle. He predicts that in a few years, today’s prices will seem unbelievably low, potentially putting investors in a position to reap extraordinary gains when the market eventually turns upward. Other analysts share Farina’s optimism, suggesting that XRP could surge to $50 or even $100 in the near future.
Will XRP Break Out?
Currently, XRP is still affordable, trading around $0.527 at the time of writing. Observers on CoinMarketCap are bullish, with 73% predicting a token recovery soon. Many investors have heeded Farina’s advice to accumulate XRP while prices remain low, hoping for a significant surge in the long run.
Whether or not the “mega pump” occurs, the extended consolidation phase for XRP could be setting the stage for a substantial upward movement.
