XRP Could Rally 27% This Week In ‘Tremendous Move’, Analyst Says

The price estimate for XRP indicates a possible increase of 17%, perhaps attaining around $0.621196 by November 23, 2024, data from CoinCodex shows. Despite this favorable projection, the prevailing market sentiment is pessimistic, reflecting apprehension among investors.

The Fear & Greed Index stands at 69, indicating a market characterized by greed, which frequently results in heightened volatility. In the last 30 days, XRP has experienced 14 positive trading days, equating to around 47%, with a price volatility of 5.84%.

Present Market Circumstances

Right now, XRP is worth $0.5293, a little decline of 0.77%. This dip draws attention to a more general trend of resistance the token has been faced with since October started.

According to analysts, it is still not the right moment to invest in XRP, at least with regard to current bearish emotions and recent difficulties with price. In terms of market capitalization, XRP has reached $30 billion, showing some improvement of late.

Despite the warning signs, the majority of analysts are still bullish on the potential price increase for XRP in the next several months. Depending on market conditions and sentiment, predictions range from $0.75 to $0.86, with further upside by the end of 2024.

Crypto analyst Dark Defender forecasts the altcoin hitting the key $0.86 mark, which is a 27% increase in price at current levels. The path to such target, he said, will be a “tremendous move.”

Hey there. This post is a long one. So get ready.

Let’s check together where we are in the weekly time frame. We set a structure for $XRP over a year back, considering the 1st wave at $0.9327.

1. The ones know, know, that we targeted $0.89 and above when XRP was at $0.28.… pic.twitter.com/72QRlt1Djy

— Dark Defender (@DefendDark) October 22, 2024

Investor Sentiment And Forecasts

The conflicting signals in the market impede investor decision-making on their next behavior. While the technical signals caution, the Fear & Greed Index shows that many people still have a tendency to welcome risks.

This discrepancy frequently results in erratic price fluctuations in cryptocurrencies such as XRP. Investors are urged to monitor market movements and mood indicators prior to making decisions.

Moreover, Ripple’s continuous legal conflicts with the SEC constantly hide XRP’s expected performance. Regarding the possible creation of an ETF for XRP, CEO Brad Garlinghouse has voiced enthusiasm that would significantly increase the market presence of the cryptocurrency if realized. Still, many investors could show reluctance unless these legal questions are resolved.

In light of the prevailing adverse mood and volatility in XRP’s price, it may be prudent for prospective investors to exercise caution. Despite the potential for development suggested by future price forecasts, the current outlook implies that this may not be the ideal moment to enter the market.

Featured image from Pixabay, chart from TradingView