Analyst: XRPcoin (XRP) pullback is nearing its end, the next stop is $8 to $12.

Gate, according to NewBTC, the famous trader CryptoInsightUK stated that the significant retracement in the cryptocurrency market may be coming to an end. He told users on June 23 that XRPcoin (XRP) is 'really very close' to completing the final part of the corrective structure that began in early April.

The analyst depicted a scenario in his latest video analysis: the price of Bitcoin will gradually decline to the liquidity range of $92,000 to $95,000, "to clear the last buying pressure", dragging down major altcoins.

"We have experienced the additional decline that we previously discussed and anticipated," he said, noting that Bitcoin has risen to $98,200 but has not yet formed a high-low sequence, nor has it shown the bullish RSI divergence seen when breaking the bottom in April. "I think we are close to the bottom, but I do not completely believe that we have hit the bottom yet."

He believes that XRP is tracking the same pattern on a different scale. The 4-hour chart shows a significant liquidity gap at $1.89, with deeper blocks extending to $1.73. His observation states: 'Can we pick up the bargain... maybe $1.85, there may be a brief fluctuation.'

While he admits the tail risk could fall to $1.60-1.55, this trend is "not my base forecast".

In the view of CryptoInsightUK, the reason why this area is attracting attention is because spot demand tends to accumulate with each consecutive decline. He emphasized the "big red bars" of selling volume last week, as well as the momentary surge in spot buying, calling it evidence of "real accumulation, not derivative games".

He pointed out that the financing rates of major exchanges have slightly turned positive, confirming that 'people are going long,' which could trigger another liquidity vacuum as highly leveraged latecomers are forced to exit the market.

Is $12 the target price for XRP?

From a technical perspective, traders are paying attention to a typical bullish divergence: the price touches slightly lower lows, while the 4-hour RSI indicator is rising, mirroring the pattern before the 140% surge in April. Bitcoin's fixed-range volume curve (with a control point near $97,000) shows a converging trend, indicating that the market is attempting to stabilize at a key support level before turning to altcoins.

If this pattern holds, CryptoInsightUK believes XRP will enter an 'intense' expansion phase, which will first drive its price to the frequently mentioned $8 target, and then, in the case of excessive expansion, reach 'actual $11 to $12'. From the ideal entry price of $1.85, this forecast implies an upside potential of about 475%.

"I'm taking a risk," he said. "Everyone is predicting $8. I think we're getting a little ahead of ourselves."

The analyst's confidence partly stems from his interpretation of Bitcoin's dominance (BTC.D), with Bitcoin currently hovering in what he calls a "reversal box." He believes that a potential upward breakout by Bitcoin could trigger the long-awaited altcoin fever, and XRP, as a large-cap, high-beta asset, will attract significant capital inflows once Bitcoin's volatility subsides.

(Source: Trading View)