Mid-Term XRP Price Targets Revealed By Crypto Analyst
October 23 2023 - 5:40AM
NEWSBTC
Egrag, a crypto analyst, today presented his medium-term
predictions for the XRP price on X (formerly Twitter). He backed up
his projections with the 3-day chart and pointed out several
potential price points that investors should watch out for.
Analysis Of The 3-Day Chart XRP/USD Egrag’s chart, based on
Binance’s 3-day XRP/USDT pair, suggests that XRP is currently in
the midst of a crucial breakout retest phase. He emphasized the
current market dynamics by saying, “What’s happening right now is
merely a retest of the breakout; the true pump is still on the
horizon, and it’s bound to be epic!” The analyst highlighted XRP’s
triumphant rally from mid-July, which surpassed his original target
of $0.85 and rose to a commendable $0.93, surpassing the original
price target by 9.41%. Egrag’s 3-day chart shows a descending trend
line, which the analyst calls the “Final Wake Up Line.” According
to him, the breakout above the trend line on July 13 after the
summary judgment in the lawsuit between Ripple Labs and the US
Securities and Exchange Commission (SEC) was the final wake-up call
for investors who were still waiting on the sidelines. Currently,
the XRP price sits at around $0.52. As the analyst shows in the
chart, XRP has experienced a retest of the trend line and passed it
with flying colors. In particular, Egrag also points out that XRP
was able to stay above the 0.236 Fibonacci retracement level at
$0.4534. Related Reading: XRP Dominance Reveals Start Of Next
Parabolic Price Move This laid the foundation for the XRP price to
enter bullish territory at this point. However, the price still
faces the resistance zone between $0.55 and $0.60, which Egrag
calls the “backbone junction”. Noteworthy is that the upper end of
the price range coincides with the 0.382 Fibonacci retracement
level. Exceeding this resistance is crucial, especially
because it has provided strong resistance several times in the
past. Once this is accomplished, Egrag’s medium-term XRP price
targets will come into focus. As explained, he has made an
adjustment to his price targets as a result of the July increase.
Due to the 9.41%-higher July rise compared to his original price
target, Egrag now expects XRP to rise to $1.10 (instead of $1) in
an initial rally. Related Reading: XRP Price Set To Surge Amid
Heightened Whale Accumulation Egrag has also raised the $5.5 price
target to around $6, and the previous $6.4 benchmark has been
recalibrated to nearly $7. He stated: So, if we apply this same
percentage increase to our upcoming targets, here’s what we can
look forward to: A) $1 * 9.41% = Approximately $1.10 B) $5.5 *
9.41% = Roughly $6 C) $6.4 * 9.41% = About $7 Lower Price Targets
Egrag’s analysis is based on several Fibonacci levels and shows
potential resistance points. These are the Fibonacci 0.5 ($0.7528),
0.618 ($0.9442), 0.702 ($1.1095), 0.786 ($1.3038), 1 ($1.9664), and
the Fibonacci extension levels at 1.272 ($3.3153), 1.414 ($4.3546),
and 1.618 ($6.4420). Overall, the analysis suggests that XRP’s
upward momentum is likely to continue and build on its recent
successes. The recent rise in price above the analyst’s lower
target suggests robust upside sentiment in the market. However,
investors should remain keenly aware of the crypto market’s
inherent unpredictable nature and exercise due diligence at all
times. Egrag ended his tweet on an encouraging note for the
community, “XRP Army STAY STEADY, We’re advancing step by step
towards our exciting targets.” At press time, XRP traded at
$0.5291. Featured image from Shutterstock, chart from
TradingView.com
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