XRP, $21.5 Target Not a Gamble...Re-evaluating New All-Time High Forecast

▲ XRP/AI Generated Image

A bullish forecast has resurfaced, suggesting that XRP could rise to $21.50. Cryptocurrency analyst Tom asserts that XRP's next upward target is not merely a speculative bet but a movement based on a measured price target on the chart.

NewsBTC reported on May 11 (local time) that Tom stated via X (formerly Twitter) that XRP could show a measured move towards a new all-time high of $21.50. Tom presented this price level as his second profit-taking zone.

Tom explained that he has experience holding XRP since it was trading at $0.30, taking it to its previous all-time high of $3.84. He stated that he is currently holding XRP again, targeting even higher price levels this time.

The bullish basis he presented is a golden cross on the 3-week chart. Tom analyzed that a golden cross occurred on the 3-week chart, and XRP's current underlying structure forms a 1-to-1 fractal with the 2014-2017 cycle. He also claimed that the current trading volume is lower than the previous cycle's bottom, and supply has disappeared.

In a separate post, Tom reiterated that the US cryptocurrency market structure bill could be a catalyst for an XRP rally. He presented a chart suggesting that the bill could pass around July, at which point XRP could rise to $2.80. NewsBTC noted that this bill was mentioned as a positive factor for XRP as it could classify XRP as a commodity, providing regulatory clarity.

Another cryptocurrency analyst, Michael, also presented a similar bullish outlook. He argued that XRP's parabolic rally could begin at any time and that it could be the biggest breakout this year because XRP has already formed a bottom.

However, there are opposing views. EGRAG CRYPTO analyzed that despite XRP's recent rebound above $1.40, it has not yet confirmed a bottom. He focused on a structure on the weekly chart where the decline relative to the 200-day simple moving average is gradually decreasing.

According to EGRAG CRYPTO, at the first major cycle low, XRP formed a bottom approximately 60% below the 200-day simple moving average, and at the second major cycle low, it formed a bottom approximately 40% below. Applying this pattern, the next major low could be $0.93, approximately 20% below the 200-day simple moving average.

NewsBTC reported that at the time of publication, XRP was trading at approximately $1.45, having risen over 2% in the last 24 hours. This forecast emerges from a scenario where bullish arguments, proposing a $21.50 target, contend with cautious views, suggesting the possibility of an additional low at $0.93.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*