Analyst Prediction: XRP Set for Massive Surge, Potential to Reach $17 or $27 Target
In a recent report, analyst EGRAG discussed the “Hestia Line,” a crucial support level in the monthly XRP chart. This line is seen as a potential launching pad for an upward price movement.
Hestia Line Breakdown
The Hestia Line, a rising support trendline, has become a key foundation for XRP’s price, particularly after the failure of the Phobos Line. Despite initial expectations for the Phobos Line to guide the price upward, it was eventually broken in January 2024. Consequently, the Hestia Line emerged as the next significant level to monitor.
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EGRAG views the Hestia Line as a symbol of stability and growth, drawing parallels to the flame of Hestia, the Greek goddess of the hearth. Technically, this line provides a robust base from which XRP could potentially surge, especially as the price has stabilized above it.
Additionally, EGRAG’s chart indicates the presence of an ascending triangle that began forming in January 2018. This triangle, which remains intact, is defined by the Hestia Line at the bottom and a line referred to as the “Troposphere Line” at the top. A breakout above the Troposphere Line could signal a substantial price increase.
Based on this pattern, EGRAG offers two potential price targets: a conservative estimate of $17 and a more ambitious projection of $27. The latter would require XRP to reclaim previous support levels and breach psychological resistance points.
Price Action
As of the time of writing, XRP is trading at $0.6228, down 3.59% over the past 24 hours despite a 6.41% gain in the last week. Achieving the $17 target would necessitate a 2,629% increase, while reaching $27 would demand a 4,235% spike.
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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.
