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Crypto analyst and enthusiast Will Taylor, known as Cryptoinsightuk on social media, recently released his latest XRP price prediction and analysis. XRP’s price recently reached $0.73 for the first time since June, fueled by whales increasing their spot trading activity amidst a consolidation from the entire crypto market.
This rally briefly pushed XRP to the fourth spot in terms of market cap, overtaking BNB. XRP has since returned to the fifth spot, lost some of this gain, and consolidated in the past 24 hours to trade in a range between $0.70 and $0.66.
On-chain data still points to a continued bull run in the short term, as the crypto maintains resilience in the face of market pressures. According to Taylor, the XRP price is set to blast off in just seven days.
The analyst took to social media platform X (formerly Twitter) to give his prediction about XRP, one of the many bullish predictions the crypto has received since it was deemed not a security by a US federal judge.
The price of XRP has been on a steady climb from $0.483 since October 13, and according to crypto analyst Will Taylor, it’s poised to skyrocket even higher within one week. He made this prediction by analyzing XRP’s current price action using the Fibonacci Retracement indicator.
Although XRP traded at $0.73 on Monday, October 6, it retraced 9.5% to $0.66 on Tuesday, October 7, and is now trading at $0.69 at the time of writing.
$XRP blast off in T-7 days.
Today we have seen a bit of a retracement for $XRP.
We ran into key Fibonacci Retracement levels, this is normal.
Indicators were massively over cooked.
I’m unsure how deep this pull back will be. I wouldn’t be unhappy about a bounce from here, or… pic.twitter.com/eDEt1Mgh9l
— Cryptoinsightuk (@Cryptoinsightuk) November 7, 2023
Using the retracement indicators, Cryptoinsightuk showed that XRP retraced from 0.618 to 0.5 Fibonacci levels while using August 14th’s price of $0.4232 as the base level for the indicator. This correction, in his opinion, is perfectly typical given that indicators revealed XRP was quite overbought at the time. Additionally, there is a possibility that XRP will go to a lower price, which would turn the prior resistance level at $0.62 into a support.
On the other hand, the XRP price is still exhibiting signs of a continuing bull run, and it has continued to increase by 16% in a 7-day timeframe. According to Cryptoinsightuk, XRP will really get going once it clears the 0.618, 0.702, and 0.786 Fibonacci retracement levels.
In a previous post, the analyst predicted that when this blast-off happens, the XRP price will rally more than 1,400% to reach $10 at least. “If we get this price action and history repeats, it would put $XRP price between $10-14 dollars within 4/5 weeks.”
XRP’s price growth has largely been suppressed in recent years by the SEC lawsuit. Recent data has shown Americans are now more interested in XRP than Ethereum.
Token price holds $0.69 | Source: XRPUSD on Tradingview.com