XRP: Is It About to Explode?
Speculation is rife about the potential for XRP to see a massive 1,700% surge and hit $8 beginning next month. Egrag Crypto, a well-known cryptocurrency analyst, has pinpointed the key levels that need to be achieved for XRP’s price to rally to this level.
The expert’s in-depth analysis emphasizes the significance of XRP closing the next three months candle above the $0.55-$0.58 level within the next 10 days. This, according to Egrag Crypto, will set the stage for an enormous bullish trend in XRP’s price.
“XRP has demonstrated 2 Hammer Candles in the three-month period before major pumps in April-June 2016 and July-September 2017. Currently, XRP must close the next three months candle above $0.55-$0.58 within the next 10 days to form another perfect Hammer formation! This will be a potent Bullish signal, indicating a Mega Pump is imminent! Should Hammer 2 materialize, we anticipate an increase of around 1,700% ($8) from July 2024,” highlighted Egrag Crypto.
The expert also cautioned XRP investors to closely monitor the formation of candles over the next 10 days, as this could potentially propel the token’s price to unprecedented heights.
“At present, XRP needs to stay firm and close the upcoming three-month candle above $0.55-$0.58 within the next 10 days to form a Quarterly Hammer – Bullish Candle Formation,” stated Egrag Crypto.
At present, XRP is priced at US$0.4962, reflecting a 0.7% increase over the last 24 hours. It’s evident that a significant movement could be on the horizon for XRP. Analyst Javon Marks indicated that XRP has been maintaining a resistance zone for several months, leading to a “hidden bullish divergence setup.” Marks highlighted that this pattern triggered a 63% price increase in less than a year back in 2017.
“XRP is HOLDING THE LINE! One of the last times we saw a Hidden Bullish Divergence setup similar to this, prices were up OVER +63,000% in less than ONE YEAR, and we may be here again, right at the breaking point. If XRP hasn’t made a name for itself yet, it looks like it’s about to do so now,” he wrote.
Meanwhile, fellow cryptocurrency analyst Mikybull Crypto raised the question whether XRP, currently at a level seen in 2017 and 2020, is about to undergo a major recovery.
It’s important to note that these opinions are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.