In December 2017, XRP, then priced at $1.98, soon rose to its all-time high in 2018, trading at $3.84. Drawing parallels from this incident, where the crypto industry saw a 61,000% increase in the XRP token’s price in 28 days, crypto analyst Dark Defender suggests XRP could rally as high as $8, given the Fibonacci levels. As of September 5th, XRP is priced at $0.55 after a week-long downhill battle.
Dark Defender’s analysis points out that XRP’s support levels at $0.6649, $0.5286, and $0.4623 need to hold to continue moving upwards, with the importance of XRP’s price over the Ichimoku clouds for a parabolic move. Another Twitter-based crypto analyst, Egrag Crypto, reinstated his trust in XRP tokens, predicting the price to go as high as $27. His predictions are based on bullish hammer candle formations that suggest a 5000% price hike for XRP.
That said, XRP predictions on the MACD and RSI tell a different story!
The MACD line is at -0.0011 while the signal line is at -0.0006, with the histograms showing negative bars. As of now, the market outlook for the token is bullish. However, the size of the histogram is slowly reducing, suggesting the market is in a consolidation phase. If XRP wishes to rise to even the $1 mark, let alone $8, the current support level is $0.55, while the new resistance level for the token would be $0.60. Any further decline from its support level can push the token back downwards beyond $0.50. The RSI indicator for XRP is 45, which signals that the token is relatively stable with neither signs of overbought or oversold in the market.
XRP reaching $8 by the beginning of 2025 is highly unlikely, considering the current market conditions. Ripple has yet not come off clean from its lawsuit with the SEC, with chances of an appeal by the SEC set in motion. While Ripple’s Stablecoin is weeks away from its release, the price of XRP shooting to 5000% is not likely in the near future unless market situations are highly favorable for Ripple. XRP price prediction has set down a timeline for the token to reach $1-by 2025. However, $8 would require another two years, if not five, with $27 out of the picture now.