Sunday, February 25, 2024

Crypto Analyst Predicts XRP Price Could Surge Over 1000% to $6.70

HomeCryptoCrypto Analyst Predicts XRP Price Could Surge Over 1000% to $6.70

kanchanara 0kRsP5iRZI4 unsplash
Image: AI 

Crypto analyst EGRAG CRYPTO has made a bold prediction that the price of XRP could surge over 1000% based on historical data analysis. His research suggests XRP could reach up to $6.70 in the coming months.

Egrag’s prediction comes from assessing past instances when XRP saw massive 300%+ price spikes within a 4-month period. He identified 6 such historical surges, with increases ranging from 530% to 2222%.

Taking the average of these major bull runs, Egrag forecasted a potential 1160% climb in XRP’s price. This would bring the price to around $6.70, though he expects a range of $6.50 to $7.00 as a peak.

Historical Data Analysis Drives Prediction

Egrag’s methodology focused on examining previous parabolic price increases in XRP of at least 300% within a 4-month timeframe.

>>Related  The Top 3 Cryptocurrencies Under $0.10 to Watch in 2023

He found 6 examples that met these criteria based on historical data:

Increases of 1050%, 530%, 2222%, 740%, 1577%, and 841%
By averaging these major bull runs, he arrived at an estimated 1160% potential surge in XRP’s price ahead.

Egrag also noted the 1160% rise aligns closely with the key Fibonacci extension level of 1.618, which technical analysts use to forecast resistance levels beyond a swing high. This confluence between the two indicators strengthens the case for a 1000%+ pop.

XRP Remains Below Key $2.00 Resistance

The bold price prediction builds on Egrag’s prior in-depth analysis of XRP’s historical price action over a 4-month chart.

>>Related  Dow Jones Futures Decline Slightly Overnight As Market Rally Remains Rangebound — Five Stocks In Buy Zones

He identified two key price zones:

Zone A from $0.00485 to $0.02483 representing 2013 to early 2017
Zone B from $0.25939 to $2.00 beginning in 2017
Egrag highlighted XRP has never closed above $2.00 over a 4-month period. Breaking that resistance could drive XRP back toward its all-time high of $3.40 reached in early 2018, he noted.

XRP Trades Sideways Around $0.50 Currently

At the time of writing, XRP was changing hands around $0.50 and moving sideways in its recent range. The cryptocurrency has struggled to gain upside momentum amid the ongoing SEC lawsuit alleging XRP is an unregistered security.

However, analysts like Egrag see massive upside potential based on historical data and key resistance levels. If XRP can decisively move past $2.00, a parabolic bull run over 1000% could quickly unfold according to his analysis.

>>Related  How to Start Making Money from Bitcoin for beginners?

Conclusion

Based on assessing previous massive price surges, crypto expert EGRAG CRYPTO forecasted XRP could climb over 1000% to $6.70 in the months ahead. According to his historical data analysis, XRP breaking past the key $2.00 resistance could trigger an epic bull run back toward its all-time high near $3.40. While the prediction seems bold, it is grounded in a data-driven methodology that offers an intriguing take on XRP’s potential. Investors and analysts alike will be watching to see if XRP can start to build upside momentum and confirm this outlook.

RELATED ARTICLES
Mezhar Alee
Mezhar Alee
Mezhar Alee is a prolific author who provides commentary and analysis on business, finance, politics, sports, and current events on his website Opportuneist. With over a decade of experience in journalism and blogging, Mezhar aims to deliver well-researched insights and thought-provoking perspectives on important local and global issues in society.

Latest Post

Related Posts

x