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Crypto analyst Cryptoinsight has provided a bullish outlook for the XRP price, predicting that it could soon rally to as high as $12. He alluded to fundamentals and technicals, which could spark this parabolic rally.
What Could Spark The XRP Price Rally To $12
In a YouTube video, Cryptoinsight highlighted the Dubai Land Department’s recent move to launch a tokenization platform on the XRP Ledger (XRPL) as one of the catalysts that could spark the XRP price rally to $12. He also mentioned other recent partnerships and major moves Ripple has made as factors that could contribute to the price surge.
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One is the crypto firm’s acquisition of the prime broker Hidden Road, which is expected to boost the XRP Ledger’s utility. This is ultimately bullish for the XRP price as the network’s native token. The crypto analyst also mentioned the alleged link between Hidden Road and the DTCC, which enables the prime broker to process trillions of dollars in US Treasury trades daily.
Cryptoinsight also noted that Ripple has acquired a payments license in Dubai, which is bullish for the XRP price, since it is the native token of the crypto firm’s payment services. He alluded to reports of the crypto firm allegedly looking to acquire USDC issuer Circle and the XRP ETFs, whose approval odds continue to soar.
Ripple CEO Brad Garlinghouse recently discussed crypto ETFs, which the analyst believes could be a hint that these ETFs will be approved soon. Lastly, he mentioned the XRP lawsuit as another event that could be a catalyst if the long-running legal battle ends soon. Cryptoinsight predicts that the XRP price rally to $12 could happen in the next few months.
From a technical perspective, he also highlighted bullish indicators like a bull flag that had formed on XRP’s weekly chart. The crypto analyst stated that momentum is starting to reverse to the upside and that buyers could step in soon.
The Altcoin On The Verge Of A Local Low
In an X post, crypto analyst CasiTrades stated that the XRP price hasn’t made a local low yet but is on the verge of doing that. She remarked that all signs point to a retest of the $2.25 to $2.26 zone. The analyst added that this is a major structural support that aligns with the macro .382 retracement and has been a key level for the last six months.
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If that support zone holds, she claimed it could mark the base for a new wave toward $2.70. However, if it breaks, the deeper support levels at $1.90 and $1.55 would come back into focus, meaning that the altcoin could still drop below the psychological $2 level before the next leg up.
At the time of writing, the XRP price is trading at around $2.30, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
