XRP Price Prediction: Analyst Forecasts Over 1,000% Surge for XRP
A popular cryptocurrency analyst, Egrag Crypto, has predicted an impressive price surge of over 1,000% for XRP in the future. The analyst points to XRP holding above a 10-year trendline support on its monthly chart as a key factor contributing to this potential rally.
Analyzing Significant Price Surges
Egrag Crypto conducted a detailed analysis of percentage leaps during significant price surges. The analyst concluded that “candle pumps must exhibit a staggering 300% or more move.” By averaging these surges, EGRAG predicts a potential surge of 1160% in XRP’s price.
A “Steel Foundation” for XRP
Building upon a previous report, EGRAG identified two trading arenas for XRP and highlighted the emergence of a “Steel Foundation” as a historical support for XRP’s price. Another analyst, JD, also noted that XRP’s market capitalization could soon surge after analyzing its monthly chart.
XRP’s Symmetrical Triangle Pattern
The analyst highlighted XRP’s market capitalization holding above a 10-year trendline as a foundational support. This has created a symmetrical triangle pattern on the chart, indicating a period of consolidation and uncertainty in the market. The direction of the breakout from this pattern can determine whether it is a continuation or reversal pattern.
XRP’s Previous Breakout and Current Price
In the past, XRP experienced a breakout from a symmetrical triangle during the 2017 bull run, reaching a new all-time high above $3 before undergoing a significant correction. Currently, XRP is trading at $0.51.
Featured image via Unsplash.
Hot Take: XRP Poised for Significant Price Surge
A new price prediction suggests that XRP could experience an impressive surge of over 1,000% in the future. Analysts point to XRP holding above a 10-year trendline support and the emergence of a “Steel Foundation” as key factors contributing to this potential rally. The analysis builds on previous reports and highlights the symmetrical triangle pattern formed by XRP’s market capitalization. This pattern indicates consolidation and uncertainty in the market, with the direction of the breakout determining its continuation or reversal. XRP previously experienced a breakout during the 2017 bull run, reaching a new all-time high before undergoing a correction. Currently trading at $0.51, XRP shows promise for future growth.
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