XRP CAPTAIN, a cryptocurrency trader and analyst, predicts that the price of XRP will explode in the future. The analyst bases his prediction on the assumption that XRP’s current trend is similar to that of DOGE in 2020. Crypto analyst Steven Walgenbach evaluates the current technical outlook of the altcoin price.
“This altcoin is following DOGE’s path, it may explode!”
Pessimism prevails in the cryptocurrency market. However, there are still those who maintain hope. Cryptocurrency trader and analyst, nicknamed XRP CAPTAIN, shared his latest predictions for the Ripple (XRP) price. The analyst suggests that it is possible for the altcoin price to explode by 17,000% soon. The analyst bases this prediction on the fact that the XRP price exhibits a trend similar to the Dogecoin (DOGE) price movement in 2020. As you follow from Kriptokoin.com, this was a period when the price of the meme coin exploded.
https://twitter.com/UniverseTwenty/status/1710373977238233098
Meanwhile, CoinMarketCap data shows that both altcoin prices have fallen slightly in the last 24 hours. At press time, DOGE was trading at $0.06126 after dropping 0.23% in price over the past trading day. Meanwhile, XRP decreased by 0.26% in the last 24 hours. At press time, the remittance token was changing hands at $0.5226.
Technical analysis of XRP price
Crypto analyst Steven Walgenbach looks at the technical picture of XRP and makes the following assessment. XRP’s recent gains are a continuation of its positive weekly performance. Then, the altcoin price increased by 1.29% over the last 7 days. However, the increase in XRP’s price was not accompanied by an increase in 24-hour trading volume. As of press time, the cryptocurrency’s total volume fell 25.72% to $570,192,116.
Daily chart for XRP. Source: TradingViewFrom a technical perspective, XRP has been trading in a positive price channel on its daily chart for the past two weeks. If this bullish momentum continues, it is possible that the altcoin price could soon surpass the $0.5670 resistance level. Going forward, ongoing buying pressure is likely to open the door for XRP to rise as high as $0.6390, the next threshold on its daily chart. XRP is likely to close a daily candle below the $0.5165 support level in the next 48 hours to change the situation. In this case, the bullish thesis becomes invalid. In this scenario, XRP may be at risk of falling below the ascending price channel mentioned above. As a result, the altcoin price is likely to continue falling to the next key support level at $0.4585 over the next week.
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