XRP Set For Surge To $2.90, Analyst Explains How
Popular market analyst Egrag Crypto expects the price of XRP to reach the $2.90 mark soon. This prediction comes amid little movement in the XRP market after consolidating between $2.25 and $2.50 over the past few days. The altcoin became one of the biggest market gainers following the U.S. election, rising more than 340% since November 5. However, XRP and cryptocurrency market leader Bitcoin have only seen minor gains so far in December.
XRP heading towards $2.90
in a X post on December 14thEgrag Crypto shared XRP’s potential price trajectory to reach $2.90.
First, analysts noted that the asset has been trading between $2.27 and $2.50, confirming that market action is gathering momentum to push the price to an upward breakout. This idea follows previous predictions that a price drop below $2.27 could see XRP drop to around $2.17.
However, in order to kick-start any upward trend, Egrag emphasized that it would be important for XRP to close above $2.50 on the hourly chart, which should result in a significant price increase. Thereafter, the altcoin is expected to retest $2.60. This suggests that market bulls will need to engage in heavy buying activity at this price level, which will serve as a strong support area to drive future price increases.
After successfully retesting $2.60, Egrag predicts that XRP will resume its bullish trajectory, reaching a local peak at $2.90, putting the asset just 24.4% away from its all-time high.
XRP 2017 Potential Repeats Prediction of New ATH in January
Following XRP price surge in November, analysts again responded to this possibility The altcoin trend reflects the first major bull run since 2017.
X Analyst Crypto Bull has recent gave up on the remarks, saying that if a repeat of the 2017 cycle proves to be true, XRP could hit a new all-time high on January 2. Furthermore, cryptocurrency analysts also predict that the altcoin will trade at $10 on January 15, which is equivalent to 4.16 times the current market price of XRP.
Interestingly, some XRP enthusiasts, such as X user XRPE_Nomad expected Based on their increased utility and regulatory clarity, altcoins will perform better than they did in 2017.
Overall, optimism about the third-largest cryptocurrency has been high following Donald Trump’s victory in the US presidential election, which ensures Replacing SEC Chairman Gary Gensler The legal dispute between the Commission and Ripple may end quickly.
At the time of writing, XRP is trading at $2.40, down 1.18% over the past day. At the same time, the coin’s daily trading volume was $7.48 billion, down 16.67%.
