A market pundit has shared what he believes is the next XRP target as XRP’s SOPR metric collapses to a low last seen six months ago.
XRP SOPR Drops as Traders Sell at a Loss
While the market is still looking to recover the Oct. 10 losses, Xaif recently called attention to a bullish development surrounding the Spent Output Profit Ratio (SOPR). According to him, historical data indicates that the next XRP target may lie around the $3 region if the pattern holds true.
XRP SOPR | Glassnode## Next XRP Target Following SOPR Slump
Following this spike, SOPR maintained a value above 1 until this month, when XRP crashed to the $1.58 low on Oct. 10. Amid this slump, the XRP SOPR dropped to 1, reaching 0.95, as investors panic-sold. According to Xaif, this marked the lowest SOPR value in six months, with a comparable low occurring during the April drop.
Interestingly, Xaif found that the last time the SOPR reached this low, XRP recovered considerably from its floor price. Specifically, after XRP slumped on April 7 and the SOPR collapsed to 0.92, a recovery in price emerged immediately. Xaif noted that XRP rebounded from $1.9 to $2.58, representing a 35% increase.
The market analyst noted that if a similar 35% recovery emerges following the SOPR bottom, prices could spike from the recent low of $2.38 to the next XRP target of $3.10 to $3.35. Notably, this would push the altcoin above the pivotal $3 psychological mark, which could set the stage for a long-term market rally.
Interestingly, market veteran Peter Brandt also recently identified that XRP was in a long-term bullish structure, branding its chart “pure.” Meanwhile, analyst CryptoInsightUK suggested that XRP’s next leg up could push prices to a range of $8 to $12.
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