2024-6-12 02:00 |
A crypto analyst has boldly predicted a significant price breakout for the XRP price, setting a target as high as $7.5 despite the cryptocurrency trading below $1 presently. While this projection may seem ambitious, if realized, it would mark new all-time highs for XRP, decisively ending the cryptocurrency’s years-long downward trend.
XRP’s Roadmap To $7.5 Price TargetOn June 10, a crypto analyst identified as ‘Egrag Crypto’ took to X (formerly Twitter) to share his bullish projections about the XRP price. According to the analyst, XRP is poised to reach a critical target level of $7.5 before the start of 2025.
He expressed a strong belief that the XRP price will potentially break the “White Triangle” pattern and hit a measured move at $1.5, effectively kickstarting a short but robust upward momentum. Sharing a price chart of XRP’s movements from 2020 to 2026, Egrag Crypto illustrated a unique triangle pattern which emphasized a critical Fibonacci 1.618 zone, ranging from $6.5 to $7.5.
The analyst revealed that this Fibonacci 1.618 zone was a key resistance area, emphasizing the significance of this range as a prime opportunity for profit-taking by investors. Given XRP’s current price, a rise to new all-time highs may seem far-fetched to most XRP investors who have consistently experienced the cryptocurrency’s long-term price stagnation.
Egrag Crypto’s bullish projection for XRP serves as a beacon of hope to XRP supporters who anticipate potential price increases for the cryptocurrency. The crypto analyst has urged the XRP army to remain steady and patient, emphasizing that XRP’s breakout might follow the pump of other major cryptocurrencies in the market.
“Trust me, all we need is for other coins to pump before XRP. The rotational profits will pour 100% into XRP because it is the BLACKHORSE which all my bets are on,” the analyst stated.
Looking further ahead, Egrag crypto has also projected a rise to mid-double digits for XRP. He disclosed that if XRP manages to close every week above the Fibonacci 1.618 level, the cryptocurrency could see a new price target at the Fibonacci 2.414 and 2.618 levels. These levels indicate a potential bullish surge between $25 to $45.
Update On XRP Price PerformanceDespite Egrag Crypto’s bullish outlook for the XRP price during this cycle, the price of the cryptocurrency has continued to spiral downwards. XRP is showing a disappointing price performance, recording a 2.15% decline in the last 24 hours.
The cryptocurrency has been consolidating around the $0.5 price mark for years. At one point this year, it even rose as high as $0.6, witnessing gains as the volatility in the crypto market’s volatility calmed slightly.
As of writing, the price of XRP is trading below $0.5, experiencing a steady decrease in its value from the previous month. The cryptocurrency’s price is currently $0.48, marking a substantial 6.61% decline over the past seven days, according to CoinMarketCap.
Despite the bearish performance, XRP’s trading volume is surging. The cryptocurrency has seen a remarkable 80.02% increase in its 24-hour trading volume, underscoring the sustained interest and demand for XRP amongst crypto traders and investors.
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