The price of XRP has seen a sharp rise recently, gaining 74.43% over the past week. Market analysts XForceGlobal and EGRAG CRYPTO have also given bullish predictions, with technical analysis showing that it could rise to $5 and even higher. The token has seen a trading volume of $13.7 billion as market momentum builds. Analysis from XForceGlobal shows that XRP has broken out of a major triangle pattern, breaking above the BD trendline and the D wave resistance level.
Analysts note that the breakout has strong technical significance, with a potential price target of around $5. The breakout comes after a period of consolidation, with multiple technical indicators aligned in support of the uptrend. Additionally, chart patterns show increasing buying pressure, with volume confirming the breakout structure. The analyst’s tweet also reads: “There is a 99.99% chance that we will eventually reach $5.” This further reinforces the expert’s bullish view on XRP.
Combining Greek mythology with market analysis
EGRAG CRYPTO has come up with a unique analytical framework called “Phobos, Hestia, and Hermes” that lays out key price levels for XRP. The analysis shows that $1.00 is the current resistance level in November 2024, and the $1.27-1.30 range marks a move into what analysts call the “troposphere” region.
The "Hestia Line" has been acting as a strong support level on the monthly timeframe, and despite the occasional lower shadow, price action has remained within this boundary. This technical structure forms the basis for EGRAG's ambitious price target.
Price Targets and Market Outlook
Based on historical price patterns, especially the 2017 move, EGRAG CRYPTO outlines two major price targets. The first forecast, measured against a tropospheric breakout, suggests a possible rise to $27. A more conservative estimate based on calculations based on the Hestia Line is $17.
Data from CoinGecko shows that XRP is up 20.34% on a daily basis at press time, with prices hovering around $0.9671. The high volume suggests high market participation and validates the current price action. Market observers note that maintaining momentum above key resistance levels is crucial for continued gains.
