XRP Prediction: Analyst Predicts Massive 888% Surge to $31, Identifies Key Turning Point
In a recent analysis, EGRAG highlighted a recurring chart pattern on XRP’s 1-month chart, drawing parallels with its price movements in 2017. During this period, XRP consistently interacted with a red ascending support line four times before initiating its historical 2017 bull run. Presently, the chart appears to echo this pattern as XRP has recently touched the same ascending support line for the fourth time.
EGRAG suggested that the bulls may gather enough momentum to propel XRP to a price of $31 once specific market conditions are met. Notably, this $31 level aligns with a significant Fibonacci extension level.
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The Attainment of the $31 Target: Key Considerations
EGRAG emphasizes that surpassing the $3.31 all-time high that XRP reached in the 2017/2018 cycle is crucial in unlocking more substantial gains. It is worth recalling that XRP surged from a low of $0.003 in January 2017 to a peak of $3.31 in January 2018 during the bull run of that period.
EGRAG posits that if XRP reclaims this $3.31 peak, achieving a modest 20% of the 4,500% rally that followed XRP’s 2017 bull run would be adequate to trigger another significant surge. This would align the price with the Fib 1.618 levels, with the initial major target set at $6.50, based on the high reached in 2021. Subsequently, XRP could ascend toward the ultimate target of $31.
XRP’s Short-Term Prospects
While the long-term outlook appears promising, XRP’s short-term outlook presents a mixture of sentiments. At the time of writing, XRP is trading around $0.5889, encountering resistance in maintaining a position above the critical $0.60 level.
Based on data from the daily chart, XRP remains below its short-term Conversion Line of the Ichimoku Cloud at $0.5937, currently acting as immediate resistance despite the ongoing market recovery. However, XRP has found support around the Base Line ($0.5578) and the Leading Span A ($0.5757), enabling it to sustain a relatively stable position above these key levels.
This suggests that while resistance remains formidable, XRP is not immediately pressured on the downside and may continue to consolidate around its current levels until it either breaks higher or reverts to support.
The daily RSI reading of 54.91 indicates that momentum remains neutral to slightly bullish. A decisive break above $0.60, if sustained, may signal the commencement of a new upward trend for XRP.
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Meet Daniel Abang: Crypto guru, content creator, and analyst. With a deep understanding of blockchain, he simplifies complex concepts, guiding audiences through the ever-changing crypto landscape. Trusted for his insightful analysis, Daniel is the go-to source for staying informed and empowered in the world of cryptocurrency.
