Crypto analysts have been closely monitoring XRP, which has been in consolidation for over 500 days. Edward Farina, a prominent figure in the XRP community, forecasted a 'perpetual cycle' for the coin during the Istanbul Blockchain Week. Despite unstable market conditions, there is a growing belief that XRP will experience its biggest bull cycle.
Farina encourages investors to take advantage of the current low prices. Supporting Farina's outlook, another analyst, Egrag, provided a technical analysis emphasizing that XRP's price movement within key support and resistance levels signifies robust market behavior. Egrag's charts predict potential bullish targets at $0.739, $0.924, and possibly $1.469.
While XRP remains in its current range, other cryptocurrencies like Bitcoin and Binance Coin have experienced significant peaks. Nonetheless, long-term investors of XRP are confident that this extended phase of accumulation will precede a major breakout.
Farina's investment strategy involves dollar-cost averaging, where investors gradually accumulate XRP. He notes that XRP remains significantly below its all-time high of $3.84 from 2018. This strategy is aimed at placing investors in a position to reap extraordinary gains when the market turns positive.
In a related view, some analysts predict that XRP could rise to as much as $50 or even $100 in the foreseeable future. Despite varied market outlooks, many investors are heeding Farina's advice to accumulate XRP while prices are still low, in anticipation of a significant surge.
Whether or not the 'mega pump' materializes, the prolonged consolidation phase is viewed as a potential precursor to substantial market movement for XRP in the near future.
