XRP enthusiasts are ecstatic as market analyst EGRAG predicted an 888% increase in the cryptocurrency’s value. This optimism is not just wishful thinking; it is based on trends seen on the one-month chart of XRP that reflect the rapid success of the cryptocurrency in 2017. As XRP struggles to regain previous highs, many traders are wondering if this is the start of a new bull run.
EGRAG’s chart analysis shows that XRP almost touched the red rising support line four times. The pattern is similar to the price movements this currency experienced during the 2017 bull run XRP rose from a high of $0.003 to a solid $3.31 in January 2018. The recurrence of this pattern suggests that XRP could soon take a similar course.
#XRP 888.88% – The secret behind the 8’s
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Take a look at the diagram below
– it shows a crucial pattern #XRP reflects the card behavior of 2017!
At that time, the Red Ascending Support Line was used four times before the legendary 2017 began #BullRun.
… pic.twitter.com/dXPeZisHmA
— EGRAG CRYPTO (@egragcrypto) September 27, 2024
Breaking through important resistance levels
But what would cause XRP to achieve such an explosion? According to EGRAG, the first major resistance is at an all-time high of $3.31. He believes that when this price is recaptured, it will lay the foundation for a rally.
Interestingly, EGRAG implies that just 20% of the gains observed in 2017 could pave the way for another surge, matching the key Fibonacci extension level of $31.
If the price breaks through to $31, it will reflect market sentiment at the moment and could even attract more investors. Statistical data shows that price milestones in previous bull runs had a major impact on market psychology. In fact, the increase from $0.003 to $3.31 was not only influenced by numbers, but also because people saw XRP as something that would revolutionize the entire crypto space.
XRP Price Prediction
However, CoinCodex’s recent estimates add more optimism to this view. The crypto price prediction site anticipated a possible price increase of XRP by 19.78% by the end of October 28, 2024, and could reach a peak of $0.71033.
This is because market sentiment is considered bullish, with the Fear & Greed Index standing at 64, representing investor greed. A greed rating sometimes triggers a new price increase, making this quite an attractive opportunity for the potential buyers to take action.
During the month, XRP recorded 16 out of 30 days in the green, which translates to a positive rate of 53%. Considering that price volatility is low at 3.73%, the above statistics paint a pretty rosy picture for traders eager to make a profit if there is a breakout. The optimism is palpable and traders are setting their aggressive sights on critical resistance points that are likely to act as major hurdles going forward.
Featured image of Fortune, chart from TradingView