XRP Price Enters Pre-Bull Rally Phase: Crypto Analyst Reveals Next Target

During this cryptocurrency bull market, many XRP supporters have been disappointed with its price performance as it hasn’t managed to hit the $1 mark, despite the overall positive sentiment in the crypto world. Nevertheless, EGRAG CRYPTO, a well-known crypto analyst, remains optimistic about XRP reaching $1 this cycle. Based on his technical analysis, XRP’s recent price movements have formed what appears to be a “W” pattern, suggesting an imminent significant price increase that could propel the coin above the $1 threshold.

XRP Price Pattern Signals A Potential Massive Move

XRP’s highest price so far this year is $0.718. The cryptocurrency now finds itself perambulating below the $0.65 price level and even falling to as low as $0.57 in the past seven days. This has prompted many investors and holders to feel frustrated and concerned about the poor price performance. 

In spite of XRP‘s lackluster showing as of late, several analysts, including EGRAG with his bullish outlook, urge their followers to stay optimistic about the cryptocurrency’s price trend. Notably, EGRAG has recently posted a technical analysis on social media, suggesting that XRP‘s price movements have shaped a bullish pattern in the past, leading to notable price surges.

The unusual “W” shape price increase of XRP, as pointed out by EGRAG in his 3-day chart analysis, started forming back in July 2023. With the pattern now seemingly finished, there’s a possibility that XRP could rise to $1 using regular measurement and reach approximately $1.2 on a logarithmic scale.

#XRP Wave 10 ( $1 – $1.2) :
The tenth “W” Pattern aligns particularly well with the present market conditions, suggesting a potential large price shift.
Target Prices Remain Consistent:
1) Non-Logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY STEADY and Appreciate the…
— EGRAG CRYPTO (@egragcrypto) March 24, 2024

Currently, XRP is priced at $0.63 during this article’s composition. A jump to $1 and $1.2 would represent a significant increase of 58.7% and 90.47% respectively from the current price. However, EGRAG cautions that the “W” pattern could result in a decline instead. In his analysis, he indicates a potential downside for XRP reaching as low as $0.44518.

What’s Next For XRP?

EGRAG is among several cryptocurrency experts who remain extremely optimistic about XRP‘s future price trend. According to his forecast, the value of XRP could rise as high as $27 in the long term. In comparison, Mikybull is another analyst who believes that XRP may potentially hit a price tag of $6.

The ongoing legal battle between Ripple and the SEC appears close to wrapping up, potentially signaling an end to XRP‘s price stagnation. Subsequently, there’s a strong possibility of XRP reaching new heightened values in the near future. Regardless of whether it hits $27 or sets fresh records, investors view XRP as an underpriced asset brimming with substantial growth potential. This underlying development could propel XRP past the $1 mark for the first time since late 2021.

XRP Price Enters Pre-Bull Rally Phase: Crypto Analyst Reveals Next Target

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2024-03-28 02:10