Crypto analyst XForce has set a $20 target for the XRP price. The analyst also highlighted two scenarios that could play out from here for the altcoin to reach this price target.
XRP Price Eyes Rally To $20 In This Market Cycle
In an X post, XForce declared that $20 remains the primary cycle target for the XRP price. He noted that the altcoin still faces strong resistance at the $4 level, but this does not alter the overall bullish outlook on the macro level. The analyst then went on to mention a strong impulse continuation and Wave 1-2 Flat continuation as the two scenarios that could play out for the altcoin.
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In another analysis, XForce provided an update on the macro trend for the XRP price, noting that it still has plenty of room for its bullish continuation. He further remarked that XRP is bullish as smart money is currently accumulating the token, while others are afraid that this is the market top.
Based on his analysis of the macro count, XForce admitted that there is the short-term possibility of a pullback for the XRP price. However, he remarked that it doesn’t change the implication of the macro count, which shows there is still a lot of room to the upside. The analyst added that there is currently no indication that XRP will experience pullbacks of up to 60% to 70%, as it did in previous cycles.
Instead, he believes that the current XRP price level will act as the base for the Wave 3 impulsive move to the upside. XForce also noted that XRP had a long period of consolidation before its bull run began, which makes it unlikely that it has already topped. The analyst then stated that $10 to $20 is his conservative target for the altcoin, while there is the possibility that it could reach $40 if the bull run extends.
A Breakout Is Imminent For XRP
In an X post, crypto analyst CasiTrades stated that a breakout is imminent for the XRP price as it continues to hold its consolidation pattern. She revealed that price action is tightening right to the apex and that there isn’t much time left before a major breakout. Meanwhile, XRP recently tested the bottom trendline of the consolidation and showed a strong reaction right to the top.
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CasiTrades noted that this further strengthens the consolidation pattern since no new lows were made, and that the count and macro extensions remain valid. The analyst then mentioned that the apex of this entire consolidation is the .382 support at $2.99. She added that a strong breakout through $3.08 and a backtest of that level as support would confirm bullish continuation.
At the time of writing, the XRP price is trading at around $2.90, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
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