Popular crypto analyst EGRAG Crypto believes that XRP can repeat its 2017 and 2021 price targets. According to the analyst, XRP's dominance is currently retesting past support lines.
If this continues, the token's price could reach its highest level in nearly three years; according to EGRAG Crypto, this prediction could be confirmed if #XRP records a short-term gain of 17.39%.
In 2017, the seventh most valuable #cryptocurrency #rose from $0.18 and ended the year at around $1.12; in 2021, the price of XRP jumped from $0.26 to a staggering $1.59 in just a few months.
Since then, however, the altcoin has failed to replicate that momentum. So far this year, the value of XRP is down 17.18%. However, the last 24 hours have been different, with prices rising 4.04%.
In order for XRP to start moving toward all-time highs, its value must first reach the $0.58 mark. At the same time, this does not guarantee that another significant exit awaits the #token .
AMBCrypto analyzed its potential by looking at the offerings in profit. It is not news that the project delivers the highest tokens from the top 10.
However, back in 2021, nearly 100% of XRP's 99.99 billion tokens were in profit; according to Santimento, only 75.54 billion of the total supply was in profit at the time the article was published.
Typically, high levels of this metric coincide with a market top. Therefore, the decline in investor returns is consistent with the bullish outlook.
In addition, the 90-day average coin count indicator (MCA) was examined; the MCA simply shows the number of coins entering and exiting cold wallets.
A low MCA indicates that the accumulation and withdrawal of tokens is self-sustaining. However, the MCA for XRP has risen sharply, indicating that some old tokens have left.
In most cases, such movements indicate that holders are planning to sell. A further spike could pull the price down, while a decline in the age of the coin could form the basis for a parabolic movement on the chart.
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