Top Analyst Projects 487% XRP Rally to $3.8, Identifies Best Level for DCA Buys
Notable market analyst JD remains bullish on XRP, maintaining a price projection to $3.8 in sustained uptrend, as he identifies the ideal levels for DCA purchases.
JD’s recent analysis came up at a time when XRP was correcting some of the gains it accumulated upon the reports of the fake BlackRock iShares XRP ETF filing. Notably, XRP surged close to the $0.75 territory as the news broke, but immediately crashed when credible sources confirmed the filing was fake.
Looking to filter out the noise from the commotion, JD asserted that, despite the price drop, XRP continued to trade within range. This observation was accurate, as XRP remained at the $0.63 to $0.69 level it traded at before the reports of the ETF filing surfaced.
According to JD, XRP dropped to its support level and has held up well since then. The analyst emphasized that XRP has since recorded higher highs and higher lows. This pattern confirmed that the asset continues to trade in an uptrend despite the recent correction.
XRP Maintains Uptrend
Data from JD’s accompanying chart shows that the analyst maintains a bullish outlook for XRP in the long-term. Notably, the chart presents a symmetrical triangle that dictated XRP’s price movements since April 2021 after the asset plummeted from the $1.96 high.
XRP had continued to record lower highs and higher lows since then, leading to the formation of the symmetrical triangle. However, XRP broke out of the triangle in July when it soared to $0.93 upon the pivotal judgment in the Ripple vs. SEC case.
The correction that followed in August led to XRP retesting the upper trendline of the symmetrical triangle. Following this retest, XRP registered another upsurge, recording two consecutive bullish monthly closes in September and October. The asset has sustained this uptrend in November.
Ideal DCA Zone Amid Projected Rally to $3.8
Despite the latest dip, the uptrend persists on the weekly timeframe. Nonetheless, JD’s chart factored in the possibility of further declines in the correction. Should this happen, he set up the zone between Fibonacci 0.618 and 0.786 as the ideal area for dollar cost averaging. This zone rests in the $0.4100 to $0.4770 region.
As the chart presents the possibility of further drops, its long-term outlook is bullish. Notably, JD predicts an imminent rally to $3.80 for XRP once it conquers its most pivotal resistance levels. The first significant resistance stands at $0.80.
Meanwhile, XRP has witnessed a massive 32% drop in volume to $1,451,469,239 over the past 24 hours. XRP currently changes hands at $0.6469, up 3% over the past 24 hours in an effort at recovery. A surge to $3.80 would mark a 487% increase from this level.