Despite strong community support and more regulatory clarity than other altcoins, XRP has not met expectations. Although the digital asset is still trading well below $0.6, prominent crypto analyst EGRAG CRYPTO (@egragcrypto) remains unfazed, reiterating his bullish outlook with a 500% price surge for the token once the current correction concludes.
This isn’t just wishful thinking, as the analyst bases his forecast on a historical trend and technical analysis, painting a compelling picture for XRP bulls.
Read Also: Crypto Bull Predicts 76,949% XRP Price Explosion To $470 and Surpass $25T Market Cap
Late last year, XRP began a steady climb, briefly crossing $0.7. It was one of the first cryptocurrencies to start surging in late 2023, and EGRAG CRYPTO, analyzing an inverted chart in December, playfully dubbed the anticipated price surge. He also cautioned that XRP could see a potential correction before the pump.
Fast forward to January 2024, and EGRAG CRYPTO’s prediction has unfolded with uncanny accuracy. XRP, like the broader market, took a hit on January 3 following false news of the SEC potentially rejecting all Bitcoin ETF applications.
This caused XRP to plummet to almost $0.50. Even a brief recovery couldn’t shield it from another dip fueled by Bitcoin’s retracement. This latest drop brought XRP back to its crucial support level at $0.5650, marked by a rising trendline on the chart.
This is not the first time XRP has encountered this trendline. Interestingly, it has acted as a reliable support four times over the past three years, preventing further plunges. In December 2020, June 2022, and January 2023, dips brought XRP down to this same level, only to be followed by rebounds.
EGRAG CRYPTO sees history repeating itself. Just like in 2014-2017, where four retests of the support line preceded a monumental rally to $3.84 in January 2018, he believes the current retest signifies the end of the correction and the beginning of a new bull run.
But this time, he isn’t just predicting a small jump. The analyst expects a staggering 500% surge, propelling XRP to $2.8.
Read Also: Analyst Says $100 XRP Price Is Inevitable, Citing Certain Bitcoin Trends From 2010
This initial surge, according to the analyst, is just the first act of a much grander play. He envisions even higher highs for XRP beyond the $2.8 mark, painting a picture of long-term prosperity for the token.
However, the broader market remains under bearish pressure, casting a shadow over any individual token’s performance. XRP has dropped below the support level. It is trading at $0.5483 with a 4.03% decline in 24 hours. But all hope is not lost, as XRP recently showed an unexpected bullish potential and a recovery could be imminent.
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