- XRP’s price dominance chart is at a critical level.
- A crypto analyst predicts XRP will dominate the next bull run.
- XRP’s price trend aligns with its dominance pattern from inception.
XRP’s price dominance has reached a pivotal point, with technical analysts closely monitoring its trajectory. Renowned crypto lawyer Bill Morgan, echoing an X user’s analysis, sees the altcoin’s recent performance as a stark reminder of the challenges faced by crypto analysts.
Highlighting the technical analyst’s post, Morgan spotted some awareness of XRP’s current price situation. However, he foresees the need for more energy in the market to trigger the analyst’s prediction of a significantly bullish move for the payments-focused altcoin.
Read also: XRP Price at Crossroads: Bullish Breakout or Double Top?
In a recent post, a technical analyst on X shared a screenshot of an XRP dominance chart. He used it to analyze the altcoin’s behavior and to predict a future outcome. The analyst revealed that XRP’s dominance recently bounced off support that it always respected in the past. Using historical data, the analyst showed how bouncing off this support triggered significant XRP rallies.
XRP Price Prediction: $7 to $10 in Next Bull Run?
The analyst’s prediction suggests a future scenario where XRP could become a major player in the cryptocurrency market, potentially outperforming established giants like Bitcoin and Ethereum. Without providing a precise price target, the analyst projected that XRP could climb to between $7 and $10 in the next bull run.
Although the technical analyst focused on XRP’s dominance for his prediction, the altcoin’s price action against the U.S. dollar suggests a similar trend. Reviewing XRP’s all-time price behavior shows it traded off a gentle upward trendline. The price bounced off the trendline at every opportunity, even though the extent of the rallies faded with time.
XRPUSD Monthly Chart on TradingView
Fading Rallies and Regulatory Challenges
Overall, it is crucial to note that the fading rallies in XRP’s price pattern coincided with mounting regulatory hurdles the altcoin encountered during the Ripple vs. SEC lawsuit. However, with the case approaching a conclusion and Ripple securing a partial victory after the court ruled that XRP is not a Security, most analysts anticipate renewed vigor in the altcoin’s price action.
Many users believe XRP will play a significant role in the next crypto market bull run and potentially surge to a new all-time high (ATH). The altcoin traded for $0.53576 at the time of writing, representing an 84.14% pullback from a $3.31700 ATH it achieved in January 2018, according to data from TradingView.
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