XRP May Soar to Between $12- $50 in Early 2024, Predicts Trader

• Analyst “EGRAG CRYPTO” tweeted his latest technical analysis for XRP yesterday.
• The trader stated that XRP will make a move to between $2.8 to $4.6 if it breaks above $0.5160.
• Thereafter, EGRAG CRYPTO believes that XRP will climb to as high as $50 in Q1 of 2024.

The crypto trader and analyst EGRAG CRYPTO predicted that the price of Ripple (XRP) may soar to between $2.8 and $4.6 within the next few months in a tweet yesterday. According to the post, the remittance token’s price remains in an accumulation zone and will continue to do so until it breaks above $0.5160.

XRP’s price making a move towards $2.8 to $4.6 will be followed by a correction back down to $1, added EGRAG CRYPTO. Thereafter, the altcoin’s price will embark on a “massive and challenging journey.” The trader believes that XRP’s price could climb to as high as $12 or even $50 during this time period.

EGRAG CRYPTO did, however, urge his followers to be patient and forecasted that XRP’s price will continue to consolidate until early next year. In his tweet, he stated that the remittance token’s price will continue to trade flat until the first quarter of 2024.

At press time, CoinMarketCap indicated that XRP was changing hands at $0.5105. This is after the crypto’s price followed the same trend as the majority of the crypto market, and printed a 24-hour loss of 3.53%. This pushed XRP’s weekly price performance further into the red, which stood at -3.92% as a result.

XRP’s price was resting on the 20-day EMA line at press time following a steep drop from its opening price of $0.5251 during yesterday’s trading session. Should it break below the 20-day EMA line throughout today’s trading session, then it may be at risk of falling to $0.4758 in the next 48 hours.

A confirmation of this bearish thesis will be if the 9-day EMA line crosses bearishly below the 20-day EMA line in the next 24 hours. This will signal that XRP’s price has entered into a short-term bearish cycle and its price will continue to drop in the following week.

On the other hand, XRP closing today’s trading session above the 20-day EMA line will invalidate this bearish thesis. Should this happen, the altcoin’s price may look to flip the $0.5408 resistance level into support within the next few days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.