XRP Enters Triangle Formation: Analyst Predicts Rise To $200 Amid 300% Surge In Volume
Crypto analyst Egrag Crypto has provided insights into the XRP future trajectory, predicting that the crypto token could rise to three digits. His prediction comes amid a recent spike in XRPs trading volume, which also provides a bullish case for the crypto token.
XRP To Reach $200 At Some Point
Egrag suggested in an X (formerly Twitter) post that XRP could reach $200 at some point based on its next triangle consolidation. He stated that in the future, newbies would talk about how XRPs price has remained stagnant at around $50 (instead of its current price of around $0.50) and that these same persons would complain about XRP pumping from $50 to $200.
Basically, the analyst was predicting that XRP will experience exponential growth soon and that XRP newbies will not understand how the crypto token has come a long way, considering how it has remained stagnant for a while now. He claimed these investors will never comprehend seven years of conviction and dedication.
Egrag acknowledged the frustration regarding XRPs tepid price action and even mentioned that XRP Ledger (XRPL) builders are starting to nag and feel frustration. However, as always, he urged the XRP army to stay steady. He suggested that XRP is the token of the future, as he stated that all previous models will be thrown out the window because they will not apply to the fourth industrial revolution.
Egrags analysis comes amid a recent surge in XRPs derivatives trading volume, with data from Coinglass showing a 300% increase and a total of $3.24 billion traded in the last 24 hours. Additionally, data from CoinMarketCap shows that XRPs spot trading volume is up by over 200% in the last 24 hours.
This development is significant. It shows that crypto investors and traders are actively invested in the crypto token and may be looking to accumulate more XRP during this period, which could contribute to a price rally for the crypto token. Interestingly, XRP is one of the few crypto tokens up in the last 24 hours despite the recent crypto market dip.
Another Bullish Outlook
Crypto analyst Casi Trades also recently offered a bullish outlook for XRP. She claimed the crypto token looked very bullish as it had just come off the golden retracement levels. Casi Trades further stated that the altcoin needs to achieve a strong breakout above these resistance levels, noting that such an occurrence will clearly indicate a new trend.
She suggested that this could be a big moment for XRP, stating that this test could be the moment that the market has been waiting for. Casi Trades sounded optimistic that XRP could achieve this breakout as she stated that Bitcoin had retraced close to the .618 level, which she believes could set the stage for the breakout.
Read more: https://www.newsbtc.com/analysis/xrp/xrp-enters-triangle-formation-200/
Text source: NewsBTC
