The post XRP to $40? Market Analyst Presents Trajectory for an XRP 6,624% Price Rally appeared on BitcoinEthereumNews.com.

An XRP to $40 price projection might seem like wishful thinking to most industry commentators, but market analyst EGRAG remains confident of a price surge to this degree in the future. EGRAG has continued to present short and long term targets for XRP, updating his previous analyses to reflect current changes in the market. However, despite the recent XRP price slump amid the broader crypto market collapse, the analyst remains bullish on XRP’s future. XRP Stuck in an Ascending Triangle  This sustained bullishness is evidenced in one of his latest reports on XRP, in which he called attention to the asset’s movements on the weekly chart. EGRAG’s chart revealed that XRP currently trades within an ascending triangle that has persisted since 2018. Data from the chart suggests that the triangle’s formation began when XRP dropped from the $3.31 all-time high in January 2018. Following the crash, XRP recorded lower lows until it slumped to a value of $0.1140 in March 2020. This represents XRP’s lowest price since then. – Advertisement – XRP 1W Chart | EGRAG Crypto Notably, the asset recovered from the $0.1140 price, and embarked on a comeback, reclaiming $1.96 in April 2021. However, despite a subsequent drop, XRP hedged against any drops back to the $0.1140 low. Remarkably, XRP has continued to record higher lows since then.  This pattern has resulted in the formation of the ascending triangle. Nonetheless, the asset has failed to clinch higher highs, unable to break the $2 price. As a result, the upper trendline of the ascending triangle remains flat. In his analysis, EGRAG noted that this trendline would soon be broken. A 6,624% Surge to $40 According to him, the XRP market would witness a resurgence of FOMO when XRP retests the $2 price. This FOMO would likely introduce intense buying…

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Filed under: News - @ November 23, 2023 2:10 am