Ripple (XRP), the sixth-largest cryptocurrency by market capitalization, is trying hard to reach the $1 mark again amidst legal hurdles in the unpredictable crypto market. Today, XRP saw a moderate increase of 1.91%, reaching $0.4985, amid a session characterized by tight trading conditions. Despite challenges, crypto expert Egrag Crypto predicts a potential rise for XRP, setting targets for a 1700% surge in the coming week.
Will XRP Hold Key Levels? Analyst Insight
Egrag Crypto has made headlines with a forecast suggesting that XRP could potentially rally by a whopping 1700% if it manages to close above the crucial price range of $0.55 to $0.58 within the next 10 days. The basis for this prediction lies in Egrag’s observation of a bullish “hammer candle formation” pattern in XRP’s 3-month timeframe. This pattern is historically seen as highly bullish and has previously signaled significant price increases in the cryptocurrency market, drawing comparisons to similar market movements in 2016 and 2017.
The analyst is confident that XRP is about to explode based on the candle formation on the chart. He says new crypto investors might not understand where it’s headed, especially because it hasn’t done much in the past. Egrag emphasized that these new investors won’t understand the seven years of belief and commitment behind XRP.
What’s the current market position?
While the XRP community rejoiced Egrag Crypto’s prediction, market sentiment remains mixed. Coinglass data shows a marginal 0.55% increase in XRP’s Open Interest (OI) to $564.05 million, indicating some renewed interest in the asset. However, there has been a notable 43.23% decline in derivatives volume to $925.11 million, reflecting divergent market opinions and caution among traders.
Having said that, the Relative Strength Index (RSI) for XRP currently stands around 47, which means a neutral sentiment on the global scale. This suggests that investors are uncertain about whether the recent price movement will lead to sustained bullish momentum or if a correction is incoming.
Ripple’s Perspective
Looking ahead, Ripple’s CEO Brad Garlinghouse is hopeful about an XRP ETF happening soon. According to his belief, this could attract big investors and help XRP’s price go up even more. If this happens, it could also back up Egrag Crypto’s positive predictions.
Bottom line
The latest predictions and price movements for XRP have stirred excitement and caution in the cryptocurrency community. Whether XRP can achieve the predicted 1700% surge depends on its performance against crucial price levels in the coming days. Investors should stay informed and approach the market with a carefully researched strategy.
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