In a significant development in the cryptocurrency market, XRP has made a notable move in the past 24 hours, surging above a pivotal resistance level to trade at around $0.6733, with some trading data indicating highs of $0.688. What’s particularly striking about this surge is that it has been over 90 days since XRP last traded at these levels.
Seasoned market commentators and chartists have now shared their insights and predictions regarding XRP’s potential price trajectory in the coming weeks. Notably, EGRAG, a renowned chartist, has voiced confidence in XRP’s continued bullish momentum. In a recent tweet, EGRAG argued that XRP’s next target is set to exceed $1.
EGRAG’s prediction is based on his previous accuracy in forecasting XRP’s rise above the $0.65 mark. Last month, when XRP was trading at a much lower $0.54, EGRAG noted a ‘W’ formation on the charts. This pattern, he explained, often indicates a pending trend reversal with significant momentum. As a result, he forecasted that XRP would reach $0.65 within the following month, a prediction that has since come to fruition.
XRP To Land In Between $1.10 and $1.40
In an intriguing analogy, EGRAG likened the resistance level that XRP faced at the time to the historical Berlin Wall. He suggested that this resistance level was on the verge of collapsing and set his expectations high, projecting a potential price surge for XRP to land between $1.10 and $1.40.
— EGRAG CRYPTO (@egragcrypto) November 5, 2023
Building on his previous accurate prediction of the ‘W’ chart formation leading XRP to $0.65, EGRAG now strongly believes that XRP’s next significant milestone is to breach what he previously referred to as the “Berlin Wall” of resistance.
Additionally, EGRAG disclosed that a retest of the range between $0.55 to $0.58 is expected before the rally above $1. He believes this retest will be followed by a rebound, which will serve as confirmation for the price range between $1.10 and $1.40.
Prominent analyst Dark Defender has also expressed a similar sentiment. Dark Defender’s forecast suggests that XRP will continue to rise, aiming for $0.66 from its current $0.55 level. While acknowledging a potential support level of around $0.52, Dark Defender issued even higher targets of $1.88 and $5.85.
The cryptocurrency community now eagerly awaits the unfolding of these predictions, which, if realized, could mark a significant turn of events for XRP. As always, it’s important to remember that the cryptocurrency market is highly volatile, and investments should be made with caution, after conducting thorough research and risk assessment.