XRP Set To Soar Nearly 900% To $31, Analyst Highlights Key Resistance
September 29 2024 - 12:00AM
NEWSBTC
XRP aficionados are ecstatic when market analyst EGRAG predicted an
888% increase in the cryptocurrency’s value. This optimism isn’t
just wishful thinking; it’s based on trends seen on XRP’s one-month
chart that mirror the cryptocurrency’s rapid success in 2017. As
XRP struggles to reclaim prior highs, many traders wonder if this
is the beginning of another bull run. Related Reading: Stacks: New
Network Upgrades Push STX Price Up By 18% – Details 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 as XRP popped from a
value of $0.003 to a solid $3.31 in January 2018.The repeat of this
pattern suggests that XRP may soon embark on a similar course. #XRP
888.88% – The Secret Behind the 8’s ♾: Check out the chart below 📊
— it’s presenting a crucial pattern showing #XRP is echoing the
chart behavior from 2017! 🌟 Back then, the Red Ascending Support
Line was tapped 4 times before sparking the legendary 2017
#BullRun. 🐂… pic.twitter.com/dXPeZisHmA — EGRAG CRYPTO
(@egragcrypto) September 27, 2024 Breaking Through Key Resistance
Levels But what would make XRP reach such an explosion? According
to EGRAG, the first big resistance stands at the all-time high of
$3.31. He feels that when this price will be recaptured, it will
lay the groundwork for a rally. Interestingly, EGRAG implies that
just 20% of the gains observed in 2017 could pave the way for a new
rise, matching the important Fibonacci extension level of $31. If
it does break to $31, that will be a reflection of market sentiment
at the moment and might even draw more investors in. Statistical
data shows that in previous bull runs, price milestones greatly
influenced market psychology. In fact, the rise 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 Forecast However, the recent estimates given by
CoinCodex add more optimism to this view. The crypto price
prediction site anticipated a possible increase in the price of XRP
by 19.78% by the end of October 28, 2024, and it could peak high to
$0.71033. This is because the market sentiment is seen as bullish,
with the Fear & Greed Index spotted at 64, representing
investor greed. A greed rating sometimes causes a new increase in
price, making this a quite attractive opportunity for the potential
buyers to take action. Related Reading: Bitcoin Breaks $65K With
$365 Million In Spot ETF Inflows Fueling The Rally Throughout the
month, XRP has recorded 16 out of 30 days in the green, which
translates into a positive rate of 53%. Given that the price
volatility is low at 3.73%, the above statistics paint a pretty
rosy picture for traders eager to make a profit when there’s a
breakout. Optimism is palpable and traders are focusing their
hawkish eyes on critical resistance points that will probably act
as important hurdles going forward. Featured image from Fortune,
chart from TradingView
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