XRP could reach $3.70, a 487% increase, following historical patterns and market analysis by expert EGRAG.
Recent XRP indicators show a consolidation phase similar to previous cycles, signaling possible significant rally.

EGRAG bases its projection on a historical pattern observed in XRP’s behavior. This pattern, identified in two previous cycles, is characterized by a slightly bearish consolidation followed by an impressive rally after a breakout. According to renowned market analyst EGRAG, XRP could be poised to reach a price of $3.70, which would represent a 487% rally.

In “Cycle A,” which began in early 2015, XRP left the $0.01 territory in March 2015 and held this consolidation for 700 days. At the end of this cycle, XRP experienced a rally to $3.31 in January 2018.

“Cycle B,” which began in the second quarter of 2019, saw XRP struggling to maintain the $0.30 level. This consolidation phase lasted 644 days, ending in early 2021, and was followed by a surge to $1.96 in April 2021, representing a 579% rally.

Currently, EGRAG notes that XRP has entered a “Cycle B”-like phase. The Super Gruppy indicator, which has been useful in detecting when XRP enters an uptrend, shows signs of a possible rally. In previous cycles, this indicator turned red during the bearish consolidation phase, but changed to green when XRP broke the upper trend line of the channel, indicating an impending price rally.

XRP 1W Chart | EGRAG Crypto

If XRP manages to replicate “Cycle B”, it could experience a similar rise in value. EGRAG has set $3.70 as the first ambitious target, which would be a 487% increase from XRP’s current price of $0.63. This analysis suggests that XRP could be an attractive option for investors looking for potential gains of seven to eight times their investment.

At the time of writing, XRP’s price is $0.6253, which represents a 3.1% increase over the past 24 hours. While XRP has benefited from the market’s recent uptrend, its performance has been more subdued compared to the likes of Bitcoin (BTC), which is up 6.7%. XRP’s 24-hour volume is also up 13.72%, reaching $902,835,386.

Tradingview: XRPUSDT_2024-01-02

This situation positions XRP as a crypto asset with a promising future, supported by technical analysis and historical patterns. However, as is typical in the cryptocurrency market, investors should proceed with caution and be aware of the risks involved in this type of investment.

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Filed under: Bitcoin - @ January 2, 2024 8:24 pm