XRP Set For Surge To $2.90, Analyst Explains How
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.
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.
XRP Potential 2017 Repeat Predicts New ATH In January
Following XRPs 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%.
Read more: https://www.newsbtc.com/analysis/xrp/xrp-set-for-surge-to-2-90-analyst-explains-how/
Text source: NewsBTC
