Analyst Predicts XRP Surge to $66 Based on Impulsive Waves

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Analyst Predicts XRP Surge to $66 Based on Impulsive Waves
  • Analyst EGRAG Crypto predicts potential XRP targets: $1.96, $15, $66.
  • XRP trading volume surges 101.25%, indicating growing investor interest.
  • Indicators suggest potential bullish momentum for XRP soon.

EGRAG Crypto, a crypto analyst, has projected an imminent rise in XRP prices, highlighting possible price targets based on historical market trends and liquidity patterns. Through meticulous chart analysis, EGRAG Crypto identified three key price levels that XRP could reach, providing a detailed outlook for the cryptocurrency’s future performance.

According to EGRAG Crypto, XRP’s potential price targets are derived from past market behaviors, specifically focusing on the 2017 market cycle. The analyst pointed out three impulsive waves during this period, suggesting that if similar patterns recur, XRP could hit price points of $1.96, $15, and up to $66.

These targets are predicated on current demand levels and general liquidity, excluding factors such as utility, decentralized finance (DeFi), or automated market makers (AMM). Expanding on this analysis, EGRAG Crypto applied the same methodology to the 2021 price movements, projecting a more immediate price target of $2.8.

XRP Price target (Source: EGRAG Crypto)

However, EGRAG Crypto also issued a cautionary note to investors regarding potential market volatility, particularly around the $2.8 to $3.5 price range. The analyst warned that a 70% retracement could occur as many investors might choose to take profits at these levels. This could result in missed opportunities for gains if XRP eventually reaches double-digit prices later in the cycle.

XRP Price Action

Despite a bullish uptick last week, the XRP token has experienced a modest decline, with prices slumping by 0.44% in the last 24 hours. As of press time, the XRP token is valued at $0.5244. Ranked in the 7th position, its intraday market cap has also seen a slight decrease of 0.18%, now standing at $29,075,969,269. 

XRP/USD 1-Day Chart (Source: CoinMarketCap)

In contrast, XRP trading volume has surged significantly, increasing by 101.25% in the last 24 hours to reach $2,258,319,999. This surge in trading volume indicates heightened trading activity and growing investor interest in the XRP token.

Is XRP Ready for a Bullish Run? 

Based on the 1-day chart, the XRP token is presently sitting at the 50% Fibonacci level, indicating low-level support. In a bullish scenario, if XRP can break above the immediate resistance level at $0.549 and sustain above it, the next target would be the higher resistance around $0.5718. Moreover, a successful breakout above $0.5718 could see XRP moving towards the $0.60 level and potentially higher to $0.6686, as indicated by the chart. 

XRP/USD 1-Day Chart (Source: TradingView)

In a bearish scenario, if XRP fails to maintain above the 50% Fibonacci level ($0.5255) and breaks below the current support at $0.5012, the next support level would be around $0.4785, the March low. A breakdown below $0.465 could show XRP testing at even lower levels.

Technically, the MACD indicator is moving vertically, nearing a crossover above the zero line, which indicates a bullish trajectory for the XRP token. Positioned at -0.0007 above the signal line, this suggests that the bullish momentum is gaining strength. Additionally, the MACD’s histogram bars are widening above the zero line, further supporting the bullish sentiment in the XRP market.

XRP/USD 1-Day Chart (Source: Tradingview)

Concurrently, the RSI indicator is positioned at 50.45, indicating a neutral sentiment in the XRP market. This suggests potential consolidation or uncertainty in price movement in the near future. However, the RSI line being above the signal line implies ample room for the XRP token to continue its bullish momentum in the coming days.

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