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- Despite a 10% correction in XRP’s price to $0.40, crypto analysts remain bullish, predicting a potential surge based on historical data and patterns from 2017.
- Pro-XRP lawyer Bill Morgan has seized the recent price dip as a buying opportunity, purchasing more XRP at just over $0.40 and planning to buy more if it drops to $0.375.
Amid the broader market correction, Ripple’s native cryptocurrency XRP has also corrected by 10%, slipping to $0.40 as of press time. As reported by Crypto News Flash, XRP’s weekly losses have extended to nearly 15%.
However, the current correction hasn’t stopped investors from making bullish price predictions for the altcoin. Referencing historical data, several crypto analysts predict a price surge in the coming months. MikybullCrypto, a crypto analyst on X (formerly Twitter), notes that the upcoming reversal pattern mirrors a similar trend from 2017. The analyst added:
It might pull a huge 2017 rally given the current PA path is following. The sentiment surrounding it is bleak, which made me believe such a scenario can occur.
Another analyst concurred, highlighting the cyclical pattern analysis from 2017 and its resemblance to the current trend. Tylie Eric expressed optimism about the impending price spike on his X page. Eric wrote:
BEAT BY BEAT. I think XRP has ticked all the boxes and held all requirements to continue with wave 3 of wave 5, the same way it did in 2017!
In 2017, XRP surged an impressive 1400% within a year, outperforming Bitcoin during the same period. The double bottom pattern that year pushed XRP prices to $0.30. If this trend continues, prices could potentially rise as high as $35.
However, the coin’s price must first sustain above $0.50 to trigger the next bull run. Per the CNF update, the immediate target for XRP is $0.95.
Pro-XRP Lawyers Buys the Dip
Pro-XRP lawyer Bill Morgan remains optimistic, viewing the recent downturn as a buying opportunity. His actions and commentary are fueling discussions about XRP’s potential future movements and strategies to capitalize on its current volatility.
Morgan, known for his pro-XRP stance, recently revealed on the X platform that he purchased more XRP at just over $0.40 amid the current price drop. This move comes as the altcoin struggles below the $0.40 threshold, significantly declining during a broader market sell-off.
Undeterred by the dip, Morgan sees it as an opportunity rather than a setback. He also hinted at a further buying strategy, planning to acquire more XRP if the price reaches $0.375.
In a recent X post, Morgan emphasized his readiness for a lower entry point, highlighting his strategic approach to accumulating XRP at favorable prices. This sentiment has resonated with some of his followers, with one user commenting, “That’s a good move. Only to gain from here. It has not much room to go down more”.
On the other hand, the Ripple vs SEC battle has taken new turns with the recent decision over Binance’s BNB sales. This has led to a fresh wave of arguments between the SEC and Ripple, reported CNF.
