XRP lovers are delighted after market analyst EGRAG predicted an 888% augment in the cryptocurrency’s value. This optimism is not just wishful thinking; is based on the trends seen in the monthly XRP chart, which reflect the cryptocurrency’s rapid success in 2017. As XRP struggles to regain previous highs, many traders are wondering if this is the start of another bull market.
EGRAG chart analysis shows that XRP has almost touched the red rising support line almost four times. The pattern is similar to the price movements that the currency experienced during the 2017 bull run XRP rose from a value of $0.003 to a solid $3.31 in January 2018. A repeat of this pattern suggests that XRP may soon follow a similar course.
#XRP 888.88% – The secret of eights : :
Check the chart below
— presents a key pattern #XRP repeats the behavior of the 2017 chart!
At that time, the red rising support line was used 4 times before the legendary 2017 began #RunningBull.
… pic.twitter.com/dXPeZisHmA
— EGRAG CRYPTO (@egragcrypto) September 27, 2024
Breaking key resistance levels
But what would make XRP explode like this? According to EGRAG, the first major resistance is at the all-time high of $3.31. He believes that regaining this price will provide the basis for growth.
Interestingly, EGRAG suggests that just 20% of the gains seen in 2017 could pave the way for a modern rally corresponding to the essential Fibonacci extension level at $31.
If it does indeed reach $31, it will reflect current market sentiment and may even attract more investors. Statistical data shows that during previous price increases, milestones had a major impact on market psychology. In fact, the augment from $0.003 to $3.31 was influenced not only by the numbers, but also by the fact that people saw XRP as something that would revolutionize the entire cryptocurrency space.
XRP price forecast
However, recent estimates provided by CoinCodex add more optimism to this view. The cryptocurrency price prediction website predicted a possible price augment XRP by 19.78% by the end of October 28, 2024 and could peak at $0.71033.
This is because market sentiment is perceived as bullish, with the Fear and Greed Index being 64, which reflects investor greed. The greed rating sometimes triggers a modern price augment, making this a quite attractive situation for potential buyers to take action.
Throughout the month, XRP recorded 16 out of 30 days in the green, which translates to a positive rate of 53%. Considering that price volatility is low at 3.73%, the above statistics paint a pretty rosy picture for traders looking to profit in the event of a breakout. Optimism is palpable, with investors focusing their hawkish eyes on critical resistance points that are likely to pose essential headwinds going forward.
Featured image from Fortune, chart from TradingView
