Crypto Analyst CryptoInsightUK shared his bullish sentiment on the XRP price. He noted that something could be brewing for the token and its ecosystem. Interestingly, he agrees that XRP could reach $9.6.
XRP price could replicate 2017 momentum
In a job shared on its X platform (formerly Twitter), CryptoInsightUK has shared a monthly XRP/BTC chart. He noted that XRP’s biggest push against BTC was around 5,200%, which happened in 2017. Analyzing the chart he shared, he suggested that a pattern similar to that of the time was developing.
This time, XRP could see higher gains against BTC as CryptoInsightUK said that XRP held a higher floor. He also mentioned that the technical structure is more bullish after a longer consolidation. In addition to these indicators, he highlighted the Relative Strength Index (RSI), which is on the rise.
With all this in mind, the crypto analyst believes that “something is coming” for the XRP token. CryptoInsightUK seemed very careful not to provide any projections on how big the XRP token will rally or what price action to expect when it happens.
However, another prominent crypto analyst, Crypto Egra, provided insight into the price action that CryptoInsightUk might have in mind. In response to the main post, Egra replied and said that XRP could reach between $9.6 and $10 this time. CryptoInsightUK responded and declared that Egrag’s prediction is “perfect for the range”.
Token price resumes uptrend toward $0.61 | Source: XRPUSD on Tradingview.com
Does the success of XRP depend on that of Bitcoin?
CryptoInsightUK sharing some additional thoughts when another user X asked if the community could see any XRP price action this year. He suggested that all XRP Rally was dependent on the movement of Bitcoin because XRP goes up every time Bitcoin does. As such, it is encouraging Bitcoin at the moment so there may be some price action from XRP as well.
As for when to expect this rally in XRP, he is not sure, as he said it is difficult to find the starting point. This is why the analyst simply feels comfortable holding and waiting with his XRP bags. Despite the uncertainty, the crypto analyst seems to be one of those who is very bullish on the XRP token.
Another prominent figure in the XRP community, Rob Art, also shared similar sentiments with CryptoInisghtUK. He suggested that XRP cannot reach a new all-time high (ATH) without Bitcoin doing so in the same cycle. As such, he believes that XRP can only fly when Bitcoin does as well.
At the time of writing, XRP is trading at around $0.60, down almost 1% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Coinpedia, chart from Tradingview.com