Popular market analyst Egrag Crypto has tipped XRP to reach the $2.90 price mark soon. This prediction comes amid little movement in the XRP market following a consolidation between $2.25-$2.50 in recent days. The altcoin emerged as one of the biggest market winners after the US elections, rising more than 340% since November 5. However, XRP has made only small gains alongside crypto market leader Bitcoin so far in December.
XRP’s path to $2.90
In one X post on December 14thEgrag Crypto shares a potential price trajectory for XRP to reach $2.90.
First, the analyst notes that the asset has moved between $2.27 and $2.50, confirming a market move to gather momentum for a major price breakout on the upside. This idea follows an earlier prediction where a price drop below $2.27 could have caused XRP to fall to around $2.17.
However, to initiate an uptrend, Egrag emphasizes that it is important for XRP to close above $2.50 on the hourly chart, which should result in significant price gains. After that, the altcoin is expected to test $2.60 again. This indicates the need for market bulls to initiate high buying activity at this price level, which should function as a strong support zone that drives future price increases.
After a successful retest at $2.60, Egrag predicts that XRP will resume its bullish trajectory and reach 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 XRP’s price surge in November, analysts have once again reiterated the possibility of the altcoin mirroring its first-ever major bull run of 2017.
X analyst Crypto Bull has most recent dropped a view on this discourse stating that XRP could hit a new all-time high exactly on January 2 if the 2017 cycle repeat turns out to be true. Moreover, the crypto analyst also predicts that altcoin will trade at $10 on January 15, representing a potential 4.16x to XRP’s current market price.
Interestingly, certain XRP enthusiasts, such as X user XRPE_Nomad to expect the altcoin will have better performance than as of 2017, based on its greater utility and better regulatory clarity.
Overall, optimism around the third-largest cryptocurrency was high following Donald Trump’s victory in the US presidential election, which guaranteed the replacement of SEC Chairman Gary Gensler and a potentially quick end to the legal saga between the Commission and Ripple.
At the time of writing, XRP is trading at $2.40, reflecting a loss of 1.18% in the past day. Meanwhile, the daily trading volume of the coin, worth $7.48 billion, has fallen by 16.67%.