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Home»Altcoins»XRP Price Prediction: Analysts predict that the XRP price will rise by 1160%
Altcoins

XRP Price Prediction: Analysts predict that the XRP price will rise by 1160%

2023-09-28No Comments2 Mins Read
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After an extended consolidation period, XRP investors are eagerly awaiting a possible breakout. This article discusses the short-term challenges, long-term prospects, and key developments surrounding Ripple’s global expansion. We must consider these factors when exploring Egrag Crypto’s insights on XRP’s future price performance.

Short term challenges:

XRP faces immediate hurdles due to a recent weekly death cross between the 50 and 200 moving averages (MA), possibly indicating bearish short-term sentiment. A similar cross may appear on the daily time frame. Despite these indicators, the long-term outlook for XRP remains optimistic.

Ripple continues to build critical international connections, a promising sign for mainstream adoption of XRP. These efforts indicate broader market reach outside the United States.

Egrag Crypto’s Price Prediction:

#XRP To increase 1160% Why!!!!!!!

This post is based on yesterday’s insightful post, which looked at the four-month time frame. Check it out here for more clarity, https://t.co/xCXt0GF6IL. 📆💡

Assumptions:
1️⃣ Measuring the percentage movements of these pumps. 2️⃣ Candle pumps should have a… pic.twitter.com/y3Rn8kgfPq

— EGRAG CRYPTO (@egragcrypto) September 27, 2023

Notable XRP enthusiast Egrag Crypto is predicting an impending breakout that could lead to price discovery, targeting around $6.7. His analysis is based on a four-month candlestick pattern. Historically, XRP’s four-month rallies of over 300 percent have resulted in average gains of around 1,160 percent. Egrag Crypto expects XRP to trade between $6.5 and $7 during the next four-month candlestick breakout.

Technical validation:

Egrag Crypto’s forecast matches the Fibonacci 1,618 level on the weekly time frame. This alignment adds weight to his prediction. He encourages long-term XRP buyers to hold their positions and patiently anticipate the eventual breakout, which could be triggered by Bitcoin’s halving in the first quarter of next year.

See also  BNB's latest volume surge could have a lot to do with Binance's latest move

Legal factors:

It is important to note that the legal action between the US SEC and Ripple has a significant impact on the price of XRP. However, Ripple recently gained an advantage when its chairman ruled that XRP sales on crypto exchanges do not constitute investment contracts.



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