Ben Armstrong, popularly known as Bitboy, has discussed the future of XRP in a new video. In the video, the well-known crypto influencer delved into fascinating insights of a bullish analysis about XRP.
Armstrong highlighted a forecast by prominent crypto chartist EGRAG CRYPTO (@egragcrypto), pointing out the potential for XRP to reach $89 in the long term and $1.4 in the short term.
New vid dropped. Thanks for all the support to $BEN Nation.
— Ben Armstrong (@BenArmstrongsX) September 21, 2023
EGRAG CRYPTO’s Recent Bullish Analysis
EGRAG CRYPTO’s recent analysis underscores the importance of XRP surpassing a critical resistance level to produce short-term gains. He states that if XRP can stay above the Fibonacci 0.5 retracement level, it could see an upward turn.
The Fibonacci 0.5 is the 50% retracement level that signifies a potential turning point for an asset. EGRAG CRYPTO believes that this will be a turning point for XRP. The Fibonacci 0.5 retracement level for XRP is $0.57, and if it closes there, it could see a surge to $1.4.
EGRAG CRYPTO also provided a chart outlining four critical levels for XRP, showing that it is currently in the ranging zone. It has gone above the dangerous red flag zone and the wicking zone.
XRP is currently trading at $0.5102, a few steps to the indicated bullish zone. Going above $0.5119 will push XRP into the bullish zone and closer to the Fibonacci 0.5 retracement level. The end of the bullish zone is $0.5738, which perfectly aligns with the retracement level.
XRP at $89?
The $89 prediction comes from another analysis by EGRAG CRYPTO. Ben Armstrong referred to EGRAG CRYPTO’s analysis of XRP’s accumulation zones and price surges in the past. EGRAG CRYPTO’s analysis of XRP’s extended accumulation phase could see it surge to an astonishing $89.1 price.
Achieving $89.1 would necessitate an astounding 17,363.7% increase from XRP’s current value of 0.5102. EGRAG CRYPTO’s analysis can be summed up in his statement, “The longer the consolidation, the stronger and lengthier the ensuing breakout.” Proof of this can be seen in the chart he provided, and with a 68-month accumulation phase, XRP might be on the cusp of exploding into a bull run.
By Armstrong’s admission in the video, EGRAG CRYPTO is a big name in the XRP army, and eyes will be on his predictions. It will be interesting to see which of them come true for XRP in the long run.