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Home»Analysis»XRP Rises to $2.90, Analyst Explains How
Analysis

XRP Rises to $2.90, Analyst Explains How

2024-12-15No Comments3 Mins Read
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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

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.

See also  Crypto Trader Says an Ethereum-Based Altcoin Poised to 'Make Big Numbers', Updates Outlook for Bitcoin and Polygon

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%.

XRP

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