Market analysis firm EGRAG predicts that XRP could see a significant 41% price increase, leading to substantial gains in the near future. Despite XRP’s recent struggles to break the $0.5 price level, the cryptocurrency has attracted attention due to optimistic price forecasts. Analysts believe that XRP may be following a pattern similar to its meteoric rise in 2017.
EGRAG’s recent analysis indicates that XRP is on track for a modest 41% price increase, which could pave the way for a much larger rally to the upside. The analyst points to historical data from 2017, where a 41% increase preceded a significant surge in XRP’s price, ultimately reaching an all-time high of $3.3.
Drawing parallels to the current market conditions, EGRAG suggests that XRP is currently trading within a symmetrical triangle, similar to the pattern observed in 2017. A breakout following the anticipated 41% increase could signal a potential uptrend. While the exact percentage increase is difficult to predict, EGRAG targets the Fibonacci 1.618 level, which aligns with a price of $27.
To achieve this target, XRP would need to overcome three key Fibonacci resistance levels, with the first at $3.31, followed by $7.36 and $13.5. EGRAG emphasizes the importance of a strategic approach, recommending a Dollar-Sell-Average strategy to capitalize on price movements.
Additionally, EGRAG highlights a bullish signal on the monthly time frame, with a 75% Inverted Hammer formation indicating a potential upward trend. The analyst is optimistic about XRP’s short-term prospects, suggesting a price target of $0.75 and hinting at significant price movements in July 2024. As XRP continues to trade around $0.4919, investors are advised to conduct thorough research before making any investment decisions.