TradingShot, a widely followed market analyst on TradingView, argues that XRP is far from dead, noting that the asset is set to surge above $17.
Critics have repeatedly XRP is a dead coinGiven its lackluster performance since the bull run began, XRP is hovering around $0.47, down 6% over the past week, reflecting the broader market downturn.
Despite the severity of the current market-wide price crash, Bitcoin and Ethereum are up more than 45% year-to-date, with BNB posting a massive 84% increase year-to-date.
Other top assets include Solana, Dogecoin, and Shiba Inu Surpassing XRPhas recorded a loss of -23.65% since the beginning of the year.
Additionally, XRP ended the first quarter down 5% and showed no improvement in the second quarter, leaving many to question its long-term viability. However, there are reasons why some market observers are still optimistic about XRP’s future.
XRP Isn’t Dead
Recent analysis On TradinView, analyst TradingShot argued that XRP is not dead. His outlook for XRP is based on technical and historical observations from the asset charts. He noted that XRP has been trading below its 50-week moving average (MA) and 200-week MA since April 8.
He noted that XRP is simultaneously testing the bottom trendline of the triangular structure that began in January 2018. This pattern is similar to the triangle that formed after the December 2013 high and broke out to the upside in March 2017.
Additionally, the analyst highlighted that XRP’s one-week RSI currently sits at 40.00, a historic low which he sees as a long-term buying opportunity.
XRP Could Rise Above $17 to $3,500
According to TradingShot, if XRP surpasses its 200-day moving average in a week, it could begin a parabolic rise that could push it above $17. The attached chart suggests that analysts expect this region to be the highest for XRP this coming bull season.
With XRP trading at $0.47, a projected rise above $17 would require a rise of over 3,500%. Meanwhile, analysts have warned that if this scenario does not materialize, the XRP community will need a new narrative as the long-term bullish pattern has failed.
Other market commentators, such as ambitious analyst EGRAG, have also made bold predictions about XRP’s potential. In March, EGRAG claimed: XRP Could Reach $17 It could rise to $27 as early as May.
Although the predicted timeline was missed, EGRAG has since $17 target reaffirmed The recent update omitted any specific timeline for XRP.
Disclaimer: This content is for informational purposes only and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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