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.