EGRAG CRYPTO (@egragcrypto), a well-recognized crypto analyst, recently shared a post on X highlighting potential bullish activity for XRP. The post emphasizes an impending “explosive action” for XRP. However, the digital asset needs to make certain moves before this explosive action can materialize.
XRP Dominance at Historical Support
The core argument around XRP dominance currently rests at a historical support line. EGRAG CRYPTO points out that similar support levels preceded significant price increases in 2017 and 2021. This historical context suggests a potential trend where prior support has functioned as a springboard for XRP to rise.
Read Also: Chartist Forecasts Rise in XRP Market Dominance, Spots Major Buying Zone: Details
In 2017, XRP went on an unprecedented rally, climbing over 60,000% to its all-time high of $3.84 in January 2018. The analyst believes XRP can recreate this surge and potentially reach triple-digit territory, and many others share that sentiment.
#XRP Dominance – Explosive Action Coming Soon! 💥 (UPDATE):
Currently, #XRP Dominance is resting on a historical support line, echoing patterns seen in 2017 and 2021.
Historically, #XRP has exhibited rapid and powerful pumps. Could we witness a similar move soon? 🚀… https://t.co/sEwER7JF6o pic.twitter.com/V3AtSpn3Mp
— EGRAG CRYPTO (@egragcrypto) April 20, 2024
XRP had a similar rally in 2021. However, the digital asset could not reach the heights many hoped for because of the protracted legal dispute with the U.S. Securities and Exchange Commission (SEC). However, the lawsuit is about to end and this explosive rally EGRAG CRYPTO is looking toward could be the biggest one in XRP’s history.
EGRAG CRYPTO highlighted the Fibonacci retracement levels at 1.272, 1.414, and 1.618 as potential targets.
Will XRP Reach These Targets?
While EGRAG CRYPTO’s analysis presents a compelling scenario for XRP dominance and price increases, it is crucial to consider broader market factors and uncertainties within the cryptocurrency market.
The cryptocurrency market is known for its volatility, susceptible to sudden price swings influenced by various factors, including regulatory changes, industry news, and broader economic conditions.
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Read Also: Top Investor: It’s Wrong Not to Hold Ethereum (ETH), XRP, and Cardano (ADA) in Your Portfolio
Historical price movements also do not guarantee future outcomes, and technical analysis is not infallible. Other analysts may also hold different perspectives on XRP’s dominance and price trajectory.
However, factors are acting in favor of XRP, as the impending Ripple Initial Public Offering (IPO) could boost its price in the future. A well-respected figure in the finance world recently shared how high XRP can climb if Ripple shares reach $600 after the IPO.
Ripple’s plans to launch a stablecoin before the end of 2024 also can benefit XRP massively. An expert recently pointed out the potential benefits of the proposed stablecoin for XRP’s utility.
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