Crypto analyst and enthusiast Will Taylor, known as Cryptoinsightuk on social media, recently released his latest XRP price prediction and analysis. The price of XRP recently reached $0.73 for the first time since June, fueled by whales is increasing their spot trading activity amid a consolidation of the whole crypto market.
This rally short pushed XRP to fourth place in terms of market capitalization, overtaking BNB. XRP has since returned to the fifth spot, losing some of these gains and consolidating over the past 24 hours to trade in a range between $0.70 and $0.66.
Data on the chain still points to one continued bull run in the short term, as crypto remains resilient despite market pressures. According to Taylor, the XRP price will explode in just seven days.
Current XRP price levels and recent market performance
The analyst took to social media platform not considered a certainty by a US federal judge.
The price of He made this prediction by analyzing the current price action of XRP using the Fibonacci Retracement indicator.
Although XRP was trading at $0.73 on Monday, October 6, it fell 9.5% to $0.66 on Tuesday, October 7, and is now trading at $0.69 at the time of writing.
$XRP shoots away in T-7 days.
Today we have seen a bit of a retracement $XRP.
We have encountered major Fibonacci Retracement levels, this is normal.
Indicators were extremely overcooked.
I’m not sure how deep this withdrawal will be. I wouldn’t be dissatisfied with a jump from here, or… pic.twitter.com/eDEt1Mgh9l— Cryptoinsightuk (@Cryptoinsightuk) November 7, 2023
Using the retracement indicators, Cryptoinsightuk showed XRP retreating from 0.618 to 0.5 Fibonacci levels, while using the August 14 price of $0.4232 as the base level for the indicator. This correction, in his opinion, is completely typical, as indicators showed that XRP was quite overbought at the time. Furthermore, there is a possibility that XRP will move to a lower price, which would change the price previous resistance level at $0.62 in a support.
On the other hand, XRP price is still showing signs of an ongoing bull run and has continued to rise 16% in a span of seven days. According to Cryptoinsightuk, XRP will only really take off once it reaches the 0.618, 0.702 and 0.786 Fibonacci retracement levels.
In a previous one afterthe analyst predicted that when this explosion happens, the XRP price will rise by more than 1,400% to reach at least $10. “If we get this price action and history repeats itself, the price of $XRP would reach between $10 and $14 within 4/5 weeks.”
XRP’s price growth has largely been suppressed in recent years by the SEC lawsuit. Recent data has shown this Americans are now more interested in XRP than Ethereum.
Token price holds $0.69 | Source: XRPUSD on Tradingview.com
Featured image from Bitcoin News, chart from Tradingview.com