XRP aficionados are ecstatic when market analyst EGRAG predicted an 888% increase in the cryptocurrency’s value. This optimism is not just an illusion; is based on trends observed on XRP’s one-month chart that reflect the cryptocurrency’s rapid success in 2017. As XRP struggles to reclaim previous highs, many traders are wondering if this is the start of another bull run.
EGRAG chart analysis shows that XRP has almost touched the red ascending support line four times. The pattern is similar to the price movements this coin experienced during the 2017 bull run when XRP jumped from a value of $0.003 to a solid $3.31 in January 2018. The repeat of this pattern suggests that XRP could soon embark on a similar course.
#XRP 888.88% – The secret behind the 8 :
Check out the graph below – is presenting a crucial pattern showing #XRP is echoing the graphical behavior of 2017! At that time, the Red Ascending Support Line was played 4 times before triggering the legendary 2017 #BullRun. … pic.twitter.com/dXPeZisHmA
– EGRAG CRYPTO (@egragcrypto) September 27, 2024
Breaking through key resistance levels
But what would make XRP achieve such an explosion? According to EGRAG, the first major resistance is at the all-time high of $3.31. He feels that when this price recovers, it will lay the foundation for a recovery.
Interestingly, EGRAG implies that just 20% of the gains seen in 2017 could pave the way for a further increase, corresponding to the important $31 Fibonacci extension level.
If it reaches $31, that will be a reflection of market sentiment at the moment and could even attract more investors. Statistical data shows that in previous bull runs, price milestones greatly influenced market psychology. In fact, the rise from $0.003 to $3.31 was not only influenced by the numbers, but also because people saw XRP as something that would revolutionize the entire crypto space.
XRP Price Prediction
However, recent estimates provided by CoinCodex add more optimism to this view. Crypto price prediction website anticipated a possible rise in the price of XRP at 19.78% by the end of October 28, 2024, and could reach a peak of $0.71033.
This is because market sentiment is seen as bullish, with the Fear & Greed Index located at 64, representing the greedy investor. A greed rating sometimes triggers a further increase in price, making this a very attractive opportunity for potential buyers to act.
Throughout the month, XRP recorded 16 of the 30 days in the green, which translates into a positive rate of 53%. Given that price volatility is low at 3.73%, the above statistics paint a rather rosy picture for traders eager to make a profit when there is a breakout. The optimism is palpable and traders are focusing their aggressive eyes on critical resistance points that are likely to act as major hurdles in the future.
Featured image from Fortune, chart from TradingView