XRP Underwhelmed in Q1, But Analysts Predict Bullish Run
XRP’s price action in the first quarter of 2024 fell short of the impressive gains seen by other major cryptocurrencies like Bitcoin and Ethereum. While BTC and ETH soared by 68% and 59% respectively, XRP managed a modest 2.2% increase, leaving investors questioning its future.
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#XRP Q1 Candle Closed:
Gate to Valhalla: Above 0.75c
Door of ValHell: Below 0.44c#XRPArmy STAY STEADY, Our path is clear, but remember to secure profits along the way if you are in need because i will do so 💪 pic.twitter.com/JqIM8LAEHf— EGRAG CRYPTO (@egragcrypto) April 1, 2024
However, prominent analysts remain optimistic. EGRAG CRYPTO points to a multi-year symmetrical triangle XRP has been trading within since 2018. This pattern suggests a breakout is imminent, with two potential directions.
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A bearish scenario would see XRP dip to $0.44, while a bullish breakout could propel it above $0.75. EGRAG CRYPTO terms these the “Door to ValHell” and “Gate to Valhalla” respectively.
Further bolstering his bullish outlook, the analyst identified a potential 15x to 55x surge for XRP based on its monthly price movements. A March closing above the 21-day EMA, which XRP achieved, would be a bullish signal.
#XRP 21 EMA-Setup is Ready!
Monthly #XRP candle closing in 2 hours. With a high degree of confirmation, I can say that closing more than 6 monthly candles above the 21 EMA demonstrates the strength of #XRP. #XRPArmy, STAY STEADY! 🛡️ The pump is closer than anyone thinks! 🚀 pic.twitter.com/WXrBkQdDzF
— EGRAG CRYPTO (@egragcrypto) March 31, 2024
While a broader market correction has caused a temporary pullback, XRP’s close above the EMA aligns with EGRAG CRYPTO’s prediction. With technical indicators suggesting significant price increases, analysts remain bullish on XRP’s long-term prospects.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
