A market analyst called $26.5 as the XRP cycle top in a base bull run case, insinuating further price movement in a bullish market condition.
A crypto expert has asserted that XRP price predictions are not made up or assumed but formed by precise technical analysis. In a recent tweet, the analyst stated that his speculations, like some others, are based on Fibonacci levels.
XRP 1W Chart | Doctor Magic
Doctor Magic pointed to unspecified argumentative comments on an analyst’s post, which predicted that XRP would trade between $8 and $13. The expert stated that although some users surmise exaggerated price speculations from market researchers, they are just stating what the XRP chart says.
Upon establishing his argument, the expert made an even higher price speculation than the criticized analyst. Doctor Magic noted that XRP would hit $26.5 by the end of this bull run.
XRP to Top at $26.5
He noted, however, that this was a base scenario for the asset, insinuating that XRP could outperform the speculated price in a more bullish market bias. A base scenario is an average case where the market performs ordinarily when calculated with certain variables.
Doctor Magic further noted that his XRP price prediction would be fully affected if a 2017-like bull run repeated itself. He alluded that altcoin led the crypto market rally during the aforementioned bull period, outperforming Bitcoin.
Notably, Bitcoin seems to spearhead the current bull run owing to increased demand for the asset from its outstandingly-performing exchange-traded funds (ETFs). The US Bitcoin spot ETFs have seen a cumulative net inflow of $17.37 billion since their market debut in January and hold 4.65% of Bitcoin’s market cap.
Not Calling a 2017 Repeat: Analyst
Doctor Magic clarified that he was not saying the current bull run would be a repeat of 2017. The analyst noted that if he were, he would call XRP to trade at $241.
XRP rallied 48,823% in the 2017 bull run, outperforming major assets like Bitcoin and Ethereum. At XRP’s current price, a similar surge would see the asset trade at $276.8. The market expert stated that he factored in the diminishing price factor while making his price predictions.
At press time, XRP changes hands at $0.5663 at press time, with a market cap of $31.7 billion.