Crypto Analyst Sets 3 Major Targets For XRP Price, Going As High As 4,800% Return

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As a seasoned crypto investor with over a decade of experience in the digital asset market, I have witnessed numerous bull cycles and bear markets. The latest price targets for XRP by Egrag Crypto have certainly piqued my interest. While I remain cautiously optimistic about these predictions, I must admit that the potential 4,800% increase in XRP’s price is nothing short of extraordinary.

Known crypto expert ‘Egrag Crypto’ shared on his platform (previously Twitter) three crucial price predictions for XRP during this bull market cycle. Despite XRP’s price showing prolonged stagnation, the analyst anticipates a significant price surge of up to 4,800% for the well-known digital currency.

Major Resistance And Support Targets For XRP 

17th of October saw Egrag Crypto reveal three key potential prices for XRP, derived from Channel B – a significant barrier that XRP has found challenging to surpass for quite some time. On a monthly scale, XRP encounters three notable resistance levels as well as three potential support points.

The current movement of XRP within its Channel B is being influenced by significant barriers to growth, which could decide if the cryptocurrency will escape from its prolonged period of sideways movement. As per the analyst’s XRP price graph, the initial significant resistance level is anticipated at approximately $0.6450. Over the last few months, XRP has spiked above $0.6 but then retreated back to $0.5, keeping hopes alive for a possible breakout.

A strong surge above the $0.6450 mark might indicate a possible bullish trend, however, it would continue within the boundaries of Channel B. The next significant goal, $0.85, is a crucial point that XRP has found challenging to sustain over time. This price also falls in the middle of the entire XRP Channel B range.

At last, we find ourselves focusing on the significant resistance level of $1.1 towards the peak of Channel B. Maintaining a breach beyond this key resistance might signal that XRP could potentially leave Channel B behind, leading to potential increases to unprecedented heights.

Furthermore, in addition to crucial resistance points, there are three significant areas of potential support for XRP. If XRP doesn’t reach $0.645, the primary line of defense would be the support level at $0.48. Should the cryptocurrency also fall below $0.85, the next possible area of support lies at $0.38. Lastly, if XRP cannot breach the resistance at $1.1, it may find a new level of support around approximately $0.28.

XRP Bullish Price Targets 

While highlighting key resistance and support levels for XRP, Egrag Crypto also emphasized three bullish price targets for XRP if it can successfully close the monthly candle inside Channel B. The first major breakout target sees XRP potentially skyrocketing to $7.5, at the 1.236 Fibonacci retracement level. 

The upcoming significant price movement aims for the 1.414 Fibonacci retracement level, which might propel XRP to approximately $13, setting new record highs. As predicted by Egrag Crypto, the ultimate and concluding target is the 1.618 Fibonacci retracement level. If XRP manages to attain this level, its value could experience a spectacular rise to around $27, representing a remarkable growth for the cryptocurrency and potentially placing it among the leading performers in the digital asset market.

Keep in mind that these forecasts are based on speculation, considering that at this moment, XRP’s value, as per CoinMarketCap, is hovering around $0.54.

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2024-10-20 09:40