XRP Recovers To $0.50, Analysts Predict Potential Rallies

According to CryptoPotato, Ripple's XRP, which has been unstable in recent weeks, dropped to $0.48 on June 7 but has since recovered to nearly $0.50. Despite a 6% dip in price over a 14-day period, some analysts remain optimistic about the asset's potential for a significant price rally. Analyst EGRAG CRYPTO predicts that XRP will break a pattern known as 'the White Triangle' and rise to $1.50. If it surpasses the Fib 1.618 zone, it could potentially reach $6.50-$7.50, at which point many investors are expected to start taking profits. Matthew Dixon, another analyst, suggests that XRP may experience a short-term decline due to the upcoming US Consumer Price Index (CPI) data. However, he believes that holders will likely be rewarded when interest rates eventually start decreasing. The US Bureau of Labor Statistics is set to release the latest CPI on June 12, the same day as the Federal Open Market Committee (FOMC) meeting, which will decide whether to raise, lower, or maintain the current interest rates in the United States. Both events have historically led to increased volatility in the cryptocurrency market. However, not all analysts share this optimistic view. Jason A. Williams, for instance, predicts that XRP's value could drop to $0.27 during the next bull cycle, while Bitcoin (BTC) and Ethereum (ETH) could reach new all-time highs of $336,000 and $12,000 respectively. The Relative Strength Index (RSI), a key on-chain metric, suggests that XRP could be facing better days ahead. The RSI, which measures the speed and change of price movements, dropped to a multi-low of 22 a few days ago but currently stands at 38. A ratio above 70 indicates that XRP could be headed for an imminent pullback.