Forget market predictions; a deep-dive from Sistine Research just dropped major news on the market. In their YouTube breakdown, they have pitched XRP as the king of crypto with a potential surge of price to a mind-blowing $73. The catch? That rocket ship must repeat history, and the current charts must hold. Buckle up, holders of XRP; it may just be a wild late-cycle ride.
Forget Bitcoin. Since the US elections on November 5, XRP has taken off, leaving the other assets behind. In a recent live stream, the analyst Forrest declared XRP supreme as a performance chart had it pitted against crypto giants, niche altcoins, precious metals, and even stocks. Forrest dubbed XRP “the strongest coin on my watch-list” in an ode to its dominance. Following close behind are HBAR and XLM, called “beta” plays, meaning they are going to surgeonlyafter the blazing trail is set by XRP. Keep watch.
Can XRP Reach $73 This Cycle?
In outlining the future of XRP, Forrest said, “There’s this very attractive seven-year flag and breakout formation on the monthly chart. After the 2017 really explosive bull run, we’ve had this long period of consolidation, and then for the last five months, we’ve had a very clean bull flag.” “With a chart like this,” he said, “why wouldn’t you own it?” Forrest talked about how rare these types of multi-cycle patterns are, all breaking decisively and finding no reason to look back.
He sees a great giant awakening. In his perception, the real awakening of XRP lies in blasting through the $3.00-$3.30 barrier-the ghost of its January 2018 peak. Clear that hurdle and it will be mayhem. People will be crying whilst yelling, “It has been missed”; they would actually be witnessing the very beginning of a much bigger bull run. “Above three dollars,” he said, “I am not just bullish-I am rabid. The higher it goes, the more frenzy there will be-on reasonable terms.”
Forrest offered a ladder of profit-taking zones:
- $7–10 initial resistance where early longs may start trimming.
- $17–37 an intermediate band calibrated from Fibonacci extensions and prior percentage moves. $73: The Mount Everest of Price Targets. This isn’t a number plucked from the thin air. We are talking about a target that was born from the fire breakout of 2017 and whose full potential is now resonating through the consolidation in the markets. Think of it as measuring the entire shadow of the mountain and charting a course from a pivotal moment of the flag.
It was around $2.28 for XRP in the course of the publisher’s speech, and the analyst duly expressed his distaste for the said $73 price target, saying it “sounds crazy.” Historically, though, he gave weight to his harrowing prediction. With another example from the past-time supercycle, he talked about one from 2017, pointing to an almost mind-boggling 1,400% gain that XRP enjoyed from its breakout. Following the same aggressive climate logic, the analyst proceeded to extoll that eyebrow-raising valuation.
The roar was bullish but the slight glint of caution in his eyes warned of trouble. He painted a dark picture: it’s all over once prices break 1.80-1.90 fairly convincingly- the awkward”round-trip” to the wilderness at 1.50 would definitely delay any upside for an indefinite period. However, there was no concern left about all this balancing act. “We are fine as long as the range holds; the abyss only opens when we fall,” he declared.
Forrest called XRP a “no-brainer” hold but resisted any sort of leverage, setting his stand that real gains are then achieved over months, which is something most leveraged positions simply cannot do as they are typically wiped out overnight by a sudden swing in the markets.
Sistine Research pushes the limits of risk this summer. Their Bitcoin Blueprint has June 7-21 as the most bullish days, and the firm is going all in. Analyst Forrest sees XRP shaking the dust off a number of cryptocurrencies and even safe-haven assets such as gold and silver. Sistine has some gold and silver hedges; however, their core conviction is that the rocket fuel for summer is XRP.
Can XRP recapture the rocket-laden lift-off it had in 2017? A few factors need to converge: an increase in overall market liquidity, momentous victories on the SEC battlefield, and an infusion of institutional money into assets outside the Bitcoin/Ethereum duo. On the other hand, Sistine Research has taken the stance that the stage is set, with its analysts stating, “The pace has cooled slightly but the overarching upward momentum remains firmly intact.”
At press time, XRP traded at $2.32.
Featured image created with DALL.E, chart from TradingView.com
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