In the wake of its recent decline, Ripple’s XRP has caught the eye of financial commentators. Prominent crypto analyst Zach Humphries sees the dip below $1.20 as a short-term trading opportunity, with XRP trading around $1.17. Humphries forecasts a potential recovery towards the $1.30 range.
Short-term Monitoring of the $1.17 Zone
Humphries notes that recent price trends and previously highlighted levels bolster his outlook. Having predicted the drop below $1.20, the analyst observes that this scenario has played out as XRP dipped close to $1.17.
Examining the weekly chart, Humphries correlates the current scenario with XRP’s stabilization phase in June. He identifies the $1.16 to $1.17 bracket as a crucial area for potential rebound. XRP’s consistent six-week downturn also informs his analysis.
Humphries remarked that the recent pullback in XRP could offer a short-term opportunity, contemplating positions around $1.17 to $1.18, with $1.30 as a prospective target.
Humphries recalls that XRP managed to hold above $1.30 in March and September, suggesting this region might again serve as a recovery target. With XRP’s recent underperformance compared to other major cryptocurrencies, he sees an additional opportunity should a turnaround commence.
Weak Short-term Signals Persist
Despite this prospect, Humphries underscores the decisive role of Bitcoin‘s performance in achieving the expected response. He clarifies that his assessment is based on a short-term trading strategy, not an indicator of XRP shooting directly to $5.
Humphries also shares data from his AI-driven Market Vitals panel, which combines diverse indicators to track market direction and momentum for crypto assets.
According to this panel, a sell signal emerged for XRP on November 6, prompting a shift to a short position. Humphries emphasizes the need to see the signal revert to neutral to discuss a robust market recovery. However, with five of the trend checks maintained, the long-term outlook remains intact. The sole missing element is a positive turn in the MACD signal relative to XRP’s market index strength.
Humphries maintains that while short-term weakness is evident, broader timeframe indicators have not eliminated a bullish outlook for XRP.
Long-term Target Held at $8 to $10 Range
Beyond the short-term trading scenario, Humphries holds a long-term view that XRP could reach the $8 to $10 range in the current market cycle. The analyst recognizes that the altcoin rally anticipated for 2025 did not materialize, and his previous $8 projection did not match market conditions then.
Yet, the growing institutional participation could bolster the overall cryptocurrency market and create a more favorable environment for altcoins. Humphries describes the current phase as the first institutional crypto bull cycle, but he deems targets like $20, $30, or $40 for XRP as unrealistic in this cycle.
