Dec 16, 2024 12:05
Popular market analyst Egrag Crypto has tipped XRP to soon hit the $2.90 price mark. This prediction comes amidst little movement in the XRP market following a consolidation between $2.25-$2.50 over the past few days. The altcoin emerged as one of the biggest market gainers post-US elections rising by over 340% since November 5. However, XRP alongside crypto market leader Bitcoin has only seen little gains so far in December. Related Reading: XRP Price In Motion: Analyst Reveals The Next Major Supports And Resistances XRPs Path To $2.90 In an X post on December 14, Egrag Crypto shares a potential price trajectory for XRP to reach $2.90. Firstly, the analyst notes the asset has been moving between $2.27-$2.50 confirming a market move to gather momentum for a major price breakout in an upward direction. This notion follows a previous prediction whereby a price fall below $2.27 could have set XRP for a decline to around $2.17. However, in order to initiate any uptrend, Egrag stresses it is important that XRP closes above $2.50 on its hourly chart, which should result in a significant price gain. Thereafter, the altcoin is expected to retest $2.60. This suggests the need for market bulls to mount high-buying activity at this price level which is to function as a strong support zone that propels future price gain. Following a successful retest at $2.60, Egrag predicts XRP will resume its bullish trajectory, reaching a local peak of $2.90, leaving the asset just 24.4% away from its all-time high. Related Reading: New Era For Crypto Regulation? SEC Chair Gensler Suggests He May Step Down XRP Potential 2017 Repeat Predicts New ATH In January Following XRP’s price surge in November, analysts have re-echoed the possibility of the altcoin mirroring its first-ever major bull run from 2017. X analyst Crypto Bull has most recently dropped a take on this discourse stating XRP could hit a new all-time high on exactly January 2 if the 2017 cycle repeat proves true. Furthermore, the crypto analyst also predicts altcoin to be trading at $10 on January 15 representing a potential 4.16x on XRPs current market price. Interestingly, certain XRP enthusiasts such as X user XRPE_Nomad expect the altcoin to produce a better performance than from 2017 based on its increased utility and better regulatory clarity. Generally, optimism around the third-largest cryptocurrency has been high following Donald Trumps victory in the US Presidential elections which guaranteed the replacement of SEC Chairman Gary Gensler and a potentially swift end to the legal saga between the Commission and Ripple. At the time of writing, XRP trades at $2.40 reflecting a 1.18% loss in the past day. Meanwhile, the coins daily trading volume valued at $7.48 billion has declined by 16.67%. Featured image from The Giving Block, chart from Tradingview
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