As XRP, currently the third largest cryptocurrency by market capitalization, has been driving recent volatility, analysts and market experts are optimistic about its potential for significant price growth.
After experiencing a brief drop to $2.83 over the weekend, following an unsuccessful attempt to break it. high all the time of $3.40 set seven years ago, the sentiment around XRP remains bullish.
A market expert expects XRP to move to $53
In recent times mail on X (formerly Twitter), market expert and technical analyst Egrag Crypto shared encouraging price targets for XRP investors, suggesting that historical price patterns indicate a possible blowout top that could drive the token to two-digit limits.
Egrag identified three historical peaks, showing the percentage increases that XRP has seen in the past: one saw an increase of 1,068%, another 2,636%, and the third recorded an increase of 406%.
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By analyzing these increases along with correction levels, Egrag Crypto created possible price targets for the next breakout top for the altcoinsuggesting levels of $53, $32, and $9.70, all exceeding by a clear margin the token's current high.
Egra previously noted the importance of a critical price range between $4 and $5, pointing out that once XRP reaches around $4.40, it will enter a “powerful energy zone” that could significantly increase prices.
The analyst emphasized that traders should closely monitor price action, candlestick formation, and oscillator behavior in this area to determine if the market is ready for a substantial rally or is facing a correction.
Despite the optimistic outlook, Egrag urged caution, saying, “I still feel #BULLISHAF, but it's essential to be bullish when trading and investing, especially with #XRP.”
He expressed concern about that market dynamics that could encourage retail investors to leave, which could be a strategy to allow double-digit prices to emerge.
Aiming for a 40% increase amid impressive monthly performance
Supporting this bullish view, market analyst Ali Martinez has also weighed in on XRP's trajectory, noting that the cryptocurrency has recently broken out of a bullish flag and is now targeting the $4.40 mark.
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This represents a near-term rally of nearly 40% for the altcoin, adding to its impressive upside monthly performancewhich has already seen an increase of 43%. However, despite these positive numbers, XRP is currently trading at $3.16, still 7.2% below its all-time high.
The price levels of $3.35 and $3.40 have been major hurdles for the altcoin, representing critical hurdles that must be overcome to initiate a price discovery phase.
On the other side, the indicator has established an important price support area between $2.70 and $2.80 over the past week. This area has become a special buying area for investors who expect further increases in prices.
Featured image from DALL-E, chart from TradingView.com
