According to cryptocurrency researcher Egrag Crypto, the price of XRP may be about to see a breakout. He also provided price goals that the cryptocurrency token might reach if this price breakout is successful.
What is the situation with XRP?
XRP has dropped about 15% since the beginning of January, which worries investors, while the rest of the market reaches 12-month highs. Due to project uncertainty and improved market opportunities, the drop has been ascribed to investors moving their money to other investments.
Ethereum will get its own set of exchange-traded funds (ETFs) approved later this year. The recent approval of Bitcoin ETFs in the US has stoked interest in other cryptocurrencies. On the other hand, XRP is not projected to attract an ETF anytime soon, but Ether has witnessed a price surge due to expected decisions on its ETFs. This discrepancy in market expectations partly causes the present decline in XRP’s price.
Egrag stated that the range of $0.702 to $0.786 is the next price objective for XRP in a post on X (Twitter). However, the cryptocurrency researcher did not provide a timeframe for when this price breakout would occur. He also mentioned the potential for a short-term decline but swiftly clarified that this would not affect XRP’s long-term direction.
According to the accompanying graphic that Egrag published, XRP may still reach its long-term aim of $7.5 at some point. The crypto analyst designated This price level as a “critical target level, ” which is likely about more significant price objectives that Egrag thinks XRP can reach before this bull run ends. The cryptocurrency analyst has previously forecasted that at the top of the current market cycle, XRP would reach as high as $27.
#XRP WILL DO IT: pic.twitter.com/YH8FeWzDFB
— EGRAG CRYPTO (@egragcrypto) March 4, 2024
Undoubtedly, the $27 price target appears lofty, and investors of XRP are probably more inclined to concentrate on Egrag’s more cautious forecast of $5. Recently, the crypto expert made the audacious prediction that XRP is “guaranteed” to rise by up to 1000% as it approaches a new all-time high of $5.5.
Egrag went on to say that between now and July, the price of the cryptocurrency token will start to grow to $5. It’s interesting to note that Egrag declared in January that XRP will hit $5 in the following ninety days, implying that the cryptocurrency token will reach this price point sometime this month.
Will XRP holders have another unfulfilling month in April?
XRP investors should exercise caution before trusting Egrag’s optimistic forecasts, which may come true this month. These investors had high hopes for XRP in March, as cryptocurrency pundits like Crypto Rover had already forecasted a “massive breakout” for the stock last month.
That didn’t happen, though, as XRP’s price action remained relatively muted throughout March, even though the overall cryptocurrency market saw notable increases at various times. XRP’s poor performance last month highlighted its lackluster price movement from the start of the year, as it has lost more than 4% of its value year-to-date (YTD).
Hi all. I hope you had a great weekend.
— Dark Defender (@DefendDark) March 4, 2024
Let's first check our previous pattern & update it.#XRP strolling strictly around our Fibonacci level at $0.6462. The lines are clear & accurate.
Checking MACD, Ichimoku & RSI indicators, XRP is expected to continue the uptrend as we… pic.twitter.com/fetf2IH7nl
As of this writing, CoinMarketCap data shows that XRP is trading at roughly $0.58, down over the past day.
