Crypto analyst Egrag Crypto has predicted the cryptocurrency XRP potential for a price surge is imminent. Egrag Crypto outlined a bullish scenario that could propel XRP to reach $7.5 as the initial target.
This prediction is based on technical analysis and the analyst’s conviction that XRP will break through a critical resistance level. Moreover, the analyst suggests that the profits from other cryptocurrencies will ultimately flow into XRP, further fueling its ascent.
At the time of writing, the price of XRP stands at $0.4962, with a daily trading volume of $622,654,064.83. This represents a modest 0.25% price increase over the past 24 hours but a 4.95% decline in the past seven days.
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XRP Price Analysis
Egrag Crypto has outlined a three-point analysis regarding XRP’s potential price trajectory. Firstly, with high conviction, the analyst believes that XRP will break through the “White Triangle” pattern and reach the measured move target of $1.5. Secondly, the analyst identifies the Fibonacci 1.618 zone, ranging from $6.5 to $7.5, as a critical area where profit-taking is likely to occur.
Worth noting that he didn’t specify when will the XRP price hit these targets.
Furthermore, if XRP manages to close above the Fibonacci 1.618 level on a weekly basis, the analyst predicts that the next targets will be in the mid-double digits, near the Fibonacci 2.414 and 2.618 levels. This scenario could unfold if other cryptocurrencies experience a pump, causing rotational profits to flow into XRP, which the analyst refers to as the “BLACKHORSE” and the primary focus of their investments.
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The analyst’s prediction reflects a bullish sentiment towards XRP, driven by technical analysis and the belief that XRP will attract significant investment as profits from other cryptocurrencies rotate into the digital asset.
While the target of $7.5 represents a substantial increase from the current price, the analyst’s conviction and the outlined technical indicators suggest a potential for considerable upside.
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