Crypto analyst Bobby has announced that the XRP price has formed a consolidation pattern, suggesting a potential parabolic rally for the altcoin in the near future. The analyst posited that XRP’s price could soar to double digits once this rally takes flight.
XRP Price Set for a Rally to $19 After Completing Double-Bottom Pattern
In a post on X, Bobby indicated that the XRP price has finalized a macro double-bottom pattern, which has been in the making for over seven years. His accompanying chart illustrated that the altcoin is ready for a rally to as high as $19 following this consolidation pattern.
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In addition, the analyst highlighted that the XRP price took over nine months to establish support near the neckline of the substantial W pattern. He added that the altcoin has spent an equal duration consolidating beneath the 1.618 Fibonacci extension of its latest macro swing high to swing low.
Bobby stated that the XRP price rally will commence once it surpasses $3.02 and achieves monthly acceptance above that threshold. He anticipates this movement to push XRP into the take-profit areas he has previously outlined. These targets include $4.7, $6.4, $7.4, and potentially $19, all of which represent new all-time highs (ATHs) for the altcoin.
The analyst further speculates that the impending XRP ETFs could trigger a rally to between $8 and $13, with potential spikes reaching the $20 range. These funds are anticipated to be launched this month, contingent on the resolution of the U.S. government shutdown. The inflows generated by these ETFs could significantly bolster the altcoin’s ecosystem. Additionally, Bobby has previously suggested that past cycles could lead XRP to rally to $13.
Analyst Warns Bulls to Proceed with Caution
Crypto analyst Egrag Crypto has issued a warning to XRP bulls, stating that the XRP price must close above $3.13 to $3.20 on the 3-day chart to maintain its current bullish momentum. His caution follows XRP’s recovery of the psychological $3 threshold, which, he noted, has disadvantaged the bears. However, a close above this region is critical; otherwise, the bulls risk facing losses as well.
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Egrag Crypto mentioned that the XRP price could replicate trends if Bitcoin and Ethereum experience setbacks during their current rallies. He suggested that this could lead to a downward trend for the altcoin, which he believes might actually be beneficial. The last significant move could be powerful and result in life-changing gains for the bulls. Nevertheless, for the time being, he views XRP as merely fluctuating until it successfully closes above $3.20.
As of now, the XRP price is hovering around $3, showing an uptick in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
