The price of XRP is expected to embark on another exciting journey according to crypto analyst EGRAG. With a reputation for unwavering optimism towards XRP, EGRAG has outlined three potential scenarios that paint an increasingly positive picture for the coming months.
Analyzing Fundamentals and Technicals
XRP’s price trajectory in 2023 mirrored its rollercoaster nature. The first half of the year was overshadowed by the Ripple-SEC lawsuit, but the second half brought a significant victory with the first legal clarity for a cryptocurrency in the United States. This victory propelled XRP from $0.46 to $0.92 within a mere 24 hours, reaching a 15-month peak.
Read Also: Former Ripple Director Says Ripple Can Burn All XRP in Escrow
Despite a recent correction, XRP managed to surge about 80% in 2023. EGRAG believes that the bullish momentum is far from over, predicting a surge in price above $1 in the coming months, a level not seen since November 2021.
#XRP Color Code To $1.4:
If #XRP triumphantly closes above the Fib 0.5 level at 0.57C with undeniable confirmation, we're setting our sights on the $1.4!. This meteoric rise is just around the corner. 🌟
But remember, there's more to this story! Dive into the color-coded clues… pic.twitter.com/DC0ss6Ip27
— EGRAG CRYPTO (@egragcrypto) September 21, 2023
XRP Path to $1 and Beyond
According to EGRAG CRYPTO, the first scenario foresees a steady climb to $1.10 by February 2024, possibly preceded by a temporary dip to the $0.55-$0.58 range. The analyst suggests that this retracement could fuel a stronger rally, potentially resulting in a 10x or even 20x surge for XRP.
The second scenario, driven by the anticipated approval of US spot Bitcoin ETFs, presents a more dramatic picture. XRP could skyrocket to $1.4 in the first quarter of 2024, followed by a correction to the $0.75-$0.80 range in the third quarter.
However, this dip would set the stage for a powerful rebound, with the $0.80-$0.85 level becoming a crucial “MACRO Resistance” point for future price action.
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Read Also: Ripple Unveils Seven Bold Crypto and XRP Lawsuit Predictions for 2024
Caution Amidst the Entry of “Big Boys”
With the potential entry of traditional investors, including major Wall Street players, EGRAG warns of the possibility of manipulation by these “big boys.” Retail investors are advised to exercise caution, as EGRAG emphasizes that “they are ruthless, and only a few will survive and emerge victorious.”
EGRAG’s analysis presents a compelling case for a potential XRP price bull run in the coming months. While the future remains uncertain, these scenarios offer valuable insights for investors navigating the ever-changing crypto landscape.
However, with traditional players entering the arena, the stakes are about to get even bigger. Whether XRP soars to new heights or faces manipulation by the “big boys” remains to be seen, but it is definite that the XRP price action is sure to be an exciting spectacle to watch.
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