🔥🔥🔥 Analyst Predicts Next $XRP 41% Surge Could Lead to “Legendary” Upside
An analyst has highlighted XRP's potential for a significant price increase amid its struggles around the $0.50 level. Despite underperformance, XRP has drawn attention due to ambitious price forecasts. Market observers suggest that XRP might mimic its 2017 pattern before a major surge.
Potential 41% Price Increase
- EGRAG, a chartist, predicts a 41% rise for XRP, potentially paving the way for a larger rally and crucial breakout. This forecast is based on historical data from 2017 when XRP saw a 41% increase before surging to an all-time high of $3.30 by January 2018. EGRAG's analysis indicates XRP is currently trading within a symmetrical triangle similar to that in 2017, suggesting a possible uptrend following the initial increase.
XRP Could Target $27
- EGRAG's analysis suggests XRP could achieve a $27 price target, aligning with the Fibonacci 1.618 level. The path involves breaching three key Fibonacci resistance levels: Fib. 1 ($3.31), Fib. 1.236 ($7.36), and Fib. 1.414 ($13.50). He advises a Dollar-Sell-Average strategy, allowing investors to systematically sell portions of their holdings as prices rise, due to the unpredictable nature of price movements.
Near-Term Momentum and Bullish Signals
- EGRAG also highlighted XRP's near-term momentum, pointing to a significant bullish signal from the previous month—a 75% Inverted Hammer formation often indicating an impending upward trend. He predicts XRP's price could reach $0.75 in the near term and suggests that July 2024 might be a pivotal month for substantial price movements. Currently, XRP is trading at $0.4961, struggling to maintain support at $0.50.
In summary, XRP shows potential for significant gains based on historical patterns and current analysis, with both short-term and long-term bullish signals suggesting possible price increases.
Source - thecryptobasic.com
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