XRP Set For Surge To $2.90, Analyst Explains How

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As an experienced analyst who has navigated through multiple market cycles, I find Egrag Crypto’s prediction for XRP to reach $2.90 intriguing. While it’s always essential to approach such predictions with a pinch of salt, given the volatile nature of cryptocurrencies, his analysis seems well-grounded, considering the consolidation pattern XRP has been following over the past few days.

According to well-known market analyst Egrag Crypto, it’s predicted that the price of XRP will reach approximately $2.90 soon. This forecast arises during a period where the XRP market has been relatively quiet after a recent consolidation between $2.25 and $2.50 over the last few days. Notably, XRP has been one of the top cryptocurrencies with substantial growth following the US elections, experiencing an increase of more than 340% since November 5th. Despite this impressive rise, XRP, along with crypto market leader Bitcoin, have only seen limited gains thus far in December.

XRP’s Path To $2.90 

On December 14th, as per a post by Egrag Crypto, they propose a possible path for the price of XRP to hit approximately $2.90.

As a researcher, I’ve observed that the asset has been fluctuating between $2.27 and $2.50, suggesting a build-up of momentum for a potential significant price surge in an upward trend. This assumption aligns with my earlier hypothesis, which suggested that if the price dipped below $2.27, XRP could have experienced a downturn towards approximately $2.17.

To start an upward trend, Egrag emphasizes the necessity of XRP closing above $2.50 on its hourly chart, a move that could trigger substantial price growth. Once this happens, XRP may aim for $2.60 again. This implies that strong buying activity from market bulls is crucial at this price point, which will serve as a robust support area, fueling future price increases.

Based on the recent successful retest at $2.60, Egrag anticipates that XRP will continue its upward trend, potentially peaking around $2.90. This would place the asset approximately 24.4% shy of its record high.

XRP Potential 2017 Repeat Predicts New ATH In January

After XRP’s price increase in November, experts are once again discussing the potential for this cryptocurrency to imitate its initial significant bull rally that occurred in 2017.

According to the latest insights from Crypto Bull’s analysis, it is suggested that XRP could reach a new record high by January 2, if the pattern of the 2017 cycle holds true. Moreover, this analyst also forecasts that the value of XRP might climb up to $10 on January 15, which would represent an approximately 4.16-fold increase from its current market price.

It’s worth noting that some XRP supporters like user XRPE_Nomad predict that the altcoin could potentially outperform its 2017 results, attributing this optimism to its growing utility and clearer regulatory landscape.

Overall, there’s been a lot of optimism about the third-largest cryptocurrency because Donald Trump winning the U.S. Presidency could lead to the removal of SEC Chairman Gary Gensler and possibly resolve quickly the legal dispute between the Commission and Ripple.

Currently, one XRP is being traded for approximately $2.40. This represents a decrease of 1.18% from its value over the past 24 hours. Simultaneously, the daily trading volume, which amounts to roughly $7.48 billion, has decreased by 16.67%.

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2024-12-15 12:42