Popular market analyst Egrag Crypto has tipped XRP to hit the $2.90 price mark soon. This forecast comes amid little movement in the XRP market after consolidating between $2.25-$2.50 over the past few days. The altcoin emerged as one of the biggest market gainers after the US elections rising more than 340% since November 5. However, XRP along with crypto market leader Bitcoin has seen very few gains so far in the December.
XRP Track To $2.90
In the X post on December 14thEgrag Crypto shares a possible price path for XRP to reach $2.90.
First, the analyst notes that the asset has been moving between $2.27-$2.50 confirming a market move to gather momentum for a major price break in an upward direction. This comment follows a previous prediction where a price drop below $2.27 could have set XRP up for a decline to around $2.17.
However, to initiate any increase, Egrag emphasizes that it is important that XRP closes above $2.50 on its hourly chart, which should result in a significant price gain. After that, the altcoin is expected to retest $2.60. This indicates the need for market bulls to mount high buying activity at this price level which is going to act as a strong support area that will encourage future price gains.
After a successful retest at $2.60, Egrag expects XRP to resume its bullish path, reaching a local high of $2.90, leaving the asset just 24.4% away from its peak. – never
XRP possible 2017 repeat predicts new ATH in January
After the XRP price increase in November, analysts has repeated the possibility of the altcoin mirroring the first ever major bull run since 2017.
X has a Crypto Bull monitor recently released a preview of this conversation saying that XRP could hit a new all-time high on just January 2 if the repeat of the 2017 cycle is true. In addition, the crypto analyst also expects that the altcoin will trade at $10 on January 15 representing a possible 4.16x on the current market price of XRP.
Interestingly, some XRP enthusiasts such as X user XRPE_Nomad expectation the altcoin to produce a better performance than from 2017 based on its greater utility and better regulatory transparency.
In general, optimism about the third largest cryptocurrency has been high after the victory of Donald Trump in the US Presidential elections that promised him replacing SEC Chairman Gary Gensler and a possible quick end to the legal saga between the Commission and Ripple.
At the time of writing, XRP is trading at $2.40 reflecting a loss of 1.18% over the past day. At the same time, the daily trading volume of the coin with a value of $7.48 billion has decreased by 16.67%.
Source link
