Analyst sets XRP’s path to $30

A cryptocurrency analyst is forecasting that XRP could reach a double-digit valuation as high as $30, drawing insights from Bitcoin’s (BTC) historical price performance.

According to pseudonymous analyst RizeSenpai, XRP has the potential to climb to between $27 and $30 in the current market cycle, with an ultra-long-term target of $120.

In a TradingView post on April 12, the expert drew parallels between XRP’s price action and Bitcoin’s historical performance, leveraging technical setup and Fibonacci extensions to support the prediction.

The analyst highlighted XRP’s recent breakout above its previous all-time high resistance, a level it has been consolidating above for several months. This breakout mirrors BTC’s past behavior.

“Staying consistent with the trend of XRP following BTC’s moves but slower, XRP has recently broken above it’s range and has been consolidating above the previous ATH resistance for several months. Taking in these events one can assume that XRP is looking the buck the macro trend in the cryptocurrency markets and make it’s way up to the breakout levels,” the analyst said.

According to the outlook, Bitcoin’s breakout led to a surge toward its 1.618 Fibonacci extension at $61,800, followed by a peak at the 1.902 Fibonacci level.

XRP, currently priced at $2.17, is projected to follow a similar path, targeting the 1.618 Fibonacci extension around $27 to $30 and potentially reaching $71 at the 1.902 level in the longer term.

RizeSenpai also identified key resistance levels for XRP at $2.99 (1.414 Fibonacci) and $4.5773 (1.618 Fibonacci), with historical resistance zones at 1.618 and 1.902 Fibonacci levels.

Unlike BTC and Ethereum (ETH), which the analyst predicts will underperform and fail to reach new highs, XRP is expected to buck the broader crypto market trend.

If this pattern plays out, XRP’s conservative high target might be $30, which would attract a market cap of approximately $1.73 trillion, almost the same as Bitcoin’s.

XRP’s price fundamentals

Beyond technicals, several bullish factors could support XRP’s rally. For instance, on April 10, Glassnode data showed whales moved 70 million XRP, a strong signal that large investors are anticipating growth. This comes shortly after the launch of the Teucrium 2x Long Daily XRP leveraged exchange-traded fund (ETF), which may draw institutional interest.

Retail sentiment also appears optimistic, considering a Finbold report revealed a drop in XRP held on exchanges, suggesting investors are holding rather than selling in anticipation of a price increase.

However, Ripple’s ongoing release of XRP from escrow, most recently 200 million tokens, could introduce short-term volatility.

XRP price analysis

XRP was trading at $2.17 at press time, dropping 0.21% in the last 24 hours. On the weekly timeframe, the token has rallied over 5%.

As things stand, XRP is trading slightly above both its 50-day simple moving average (SMA) and 200-day SMA, suggesting a generally upward trend in the longer term despite near-term weakness.

Featured image via Shutterstock

Source