If XRP Price Closes at This Level, It Will Rise by 1700%
Crypto market analyst Egrag Crypto’s latest XRP price prediction appears to reflect a frenzy in the broader market. In a post shared on X today, the analyst highlighted XRP’s upcoming potential price increase of 1700%. Analyst bullish sentiment towards XRP despite the ripple-backed cryptocurrency’s slow performance has fueled a speculative fire on future price movements.
Here is a breakdown of the analyst’s comments on XRP and the vital level that XRP must close to achieve a 1700% increase.
Egrag Highlights Bullish Candle Formation
According to Egrag, the Ripple-backed asset’s 3-month time frame depicts a “hammer candle formation” that is very bullish. The analyst believes that a bull run is in store based on historical data, particularly from April-June 2016 and July-September 2017.
Evaluating the current situation, Egrag states that XRP should close above the $0.55 to $0.58 price range in the next ten days, probably when the next 3-month period ends. If this happens, the analyst predicts a “perfect hammer formation” that will pave the way for a “mega pump” for XRP.
Additionally, if the pattern formation reflects ‘hammer 2’, there could be a significant increase in the cards, around 1700% according to Egrag. However, if XRP follows the ‘hammer 1’ pattern, traders and investors could face a staggering 5500% increase after a six-month waiting period.
However, it is worth remembering that XRP has not yet reached the third wave target of $1 that the same analyst predicted in April. Still, the crypto community continues to keep an eye on the digital asset.
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XRP Price Rising
Simultaneously, the XRP price increased by 1.91% today, reaching $0.4985. The token’s 24-hour lows and highs are $0.488 and $0.5002.
Coinglass data shows a slight increase of 0.55% in XRP OI to $564.05 million, in line with the price increase. However, derivatives volume fell 43.23% to $925.11 million, prompting opposing sentiments.
Additionally, the RSI has moved around 47, indicating broader market neutrality for the asset. This indicates that a potential takeover by the bulls or bears is approaching for XRP.
It is worth noting that Ripple CEO Brad Garlinghouse seems optimistic about an XRP ETF that could further fuel gains in the asset. On the other hand, the analyst’s price prediction remains a question mark for now.
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