Tuesday, June 18, 2024
HomeCryptocurrencyXRP Price Prediction: Analyst Sees Dramatic 900% Rally to $5.5

XRP Price Prediction: Analyst Sees Dramatic 900% Rally to $5.5

XRP has shown moderate but steady upward momentum, increasing by about 2% in the past day to a price of $0.6353 (according to CoinMarketCap). Prominent analyst EGRAG CRYPTO sees significant long-term potential, suggesting the possibility of a dramatic 900% surge in XRP’s price.

Historical Patterns and Breakout Potential

EGRAG CRYPTO bases his optimistic projections on historical price patterns. In a post on X, the analyst points to a notable 902.85% breakout in 2017 when the 21 EMA (Exponential Moving Average) crossed above the 55 EMA on the two-week price chart.

Read Also: Analyst Projects 7,000% XRP Rally To $139 if it can Breach This Key Resistance

The technical setup resulted in XRP skyrocketing from $0.007 to $0.0646. A similar pattern now suggests the potential for a 584% to 900% upward explosion, which could propel the digital asset to $5.50. The analyst is known for a bullish stance on the cryptocurrency and frequently provides analyses supporting its growth potential.

Factors Influencing XRP’s Trajectory

XRP, unlike many assets including Bitcoin, is yet to retest its all-time high of $3.84. It remains down by more than 80%, this performance lag is primarily attributed to the unresolved lawsuit involving Ripple Labs Inc. and the SEC. A favorable resolution of this legal battle, could remove a significant obstacle and trigger positive investor sentiment.

Also, XRP’s payment facilitation capabilities are at the core of its long-term value proposition, aligning with bullish predictions by EGRAG CRYPTO and other analysts. This use case holds enormous potential, particularly considering the projected growth in the global payments sector.

Read Also: XRP to $14? Top Analyst Displays Multiple Technical Patterns For Major BreakoutΒ 

EGRAG CRYPTO offers one of the more bullish projections for future XRP price action. However, beyond the specific EMA crossover pattern identified by the analyst, other technical indicators also point to positive momentum for XRP.

According to data from TradingView, XRP has a Relative Strength Index (RSI) of 51, which suggests that XRP is not currently overbought, leaving room for further upward movement.

<

While EGRAG CRYPTO’s projection may be particularly optimistic, a growing number of analysts are revising XRP forecasts upwards. This shift in sentiment indicates that the market may be poised for a breakout should favorable news emerge.


Follow us on Twitter, Facebook, Telegram, and Google News

Solomon Odunayo
Solomon Odunayo
Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.
RELATED ARTICLES

Latest News & Articles