Vandell Aljarrah, co-founder of crypto investments firm Black Swan Capitalist, has forecasted a substantial rally for XRP, citing what he describes as “massive pressure” accumulated over the past six years.
In a tweet on July 31, Aljarrah asserted that XRP is primed for a significant price increase, driven by strong fundamentals and technicals, despite current market sentiments.
“Believe it or not, XRP has built up MASSIVE pressure over the last 6 years which will lead to a Mega price increase,” Aljarrah stated. “Extremely strong fundamentals. Extremely strong technicals. Extremely undervalued/oversold. Extremely useful idiots spreading FUD.”
Notably, the pundit’s remarks followed an in-depth interview with renowned market analyst Francis Hunt, known as “The Market Sniper.” During the interview, Francis elaborated to Aljarrah on XRP’s potential role in disrupting traditional financial systems and its positioning among top cryptocurrencies.
Francis further highlighted the significant potential for XRP, among other major cryptocurrencies, to challenge Bitcoin’s market dominance. According to Francis, XRP is part of a larger movement involving multiple cryptocurrencies that may collectively challenge Bitcoin’s market dominance.
“We used to have to have Bitcoin going up for the rest to go up even if it goes up slowly or at least holds…. this ‘God Market’ syndrome around Bitcoin is going to dissipate slowly,” the analyst emphasized.
Francis also noted that XRP’s recent price action suggests a potential breakout from a 6.5-year-old asymmetrical triangle consolidation pattern. He compared this current setup to previous cycles when XRP saw dramatic price increases following similar patterns.
Furthermore, zooming in, Francis described July’s closing candle as a “major rejection candle,” which he believes signals bullish strength.
“From the beginning of 2018 to now, we’ve seen six years of price behavior building towards a breakout. The longer this consolidation phase, the more substantial the potential squeeze,” Francis added, projecting that this breakout could lead to XRP achieving a remarkable 32x increase from current prices, potentially reaching around $20.
Notably, Francis’s predictions for XRP align with those of other analysts anticipating a breakout from the prolonged consolidation phase to drive significant price movements.
Meanwhile, despite these positive forecasts, XRP has recently experienced considerable volatility, fluctuating between $0.57 and $0.68. In the past 24 hours, XRP has seen a decline of approximately 5%, trading at around $0.576 at press time.
Analyst “CryptoinsightUK,” who employs the Elliott Wave pattern on a one-hour candlestick chart, suggests that the price may dip to the $0.50 support zone before gaining the momentum needed for a sustained bullish rally.
