XRP To Top $1.2 Ahead: Analyst Claims Despite Sluggish Price Action

by

As a seasoned financial analyst with extensive experience in the crypto market, I find the recent analysis from Egrag Crypto and Dark Defender on XRP particularly intriguing. Both analysts have identified bullish trends for XRP, suggesting potential price movements towards $1.2 to $1.5 and even a “Mega Run” ahead.

The crypto market analyst Egrag’s recent update, released on May 27, has drawn significant interest to XRP, the cryptocurrency supported by Ripple Labs. In this post, shared on X, important information was provided regarding XRP’s present price trends, indicating a potential increase in value beyond $1.2 for the token.

A well-known cryptocurrency market analyst, Dark Defender, has expressed positive expectations regarding XRP‘s price trends in the future. This perspective, joined by other analysts, has generated considerable excitement within the crypto community, as they continue to believe in XRP’s potential growth despite its recent lackluster performance. Let’s explore the analysts’ views further and uncover the reasons behind this renewed optimism.

Egrag Crypto Says XRP To Trade Between $1.2-$1.5

I recently analyzed XRP‘s chart in two parts with Egrag Crypto. The first segment, labeled as the “Break-out,” revealed an intriguing bullish trend. This trend was marked by a distinctive pattern called the “White Triangle.” Notably, this triangle aligned itself with past price movements and key Fibonacci levels, specifically 0.702 and 0.786. Based on this alignment, I anticipated a potential breakout. The estimated target for this move lies between $1.2 and $1.5.

As a crypto investor, I believe the pivotal level for XRP‘s price action is approximately between $0.70 and $0.75. The analyst’s assessment suggests that this digital asset could potentially experience a significant price surge within the upcoming fortnight.

While examining the second part, it was noted that XRP is firmly in place on the Atlas line, with resistance at $0.5777, a base of support at $0.5000, and a potential breakout at $0.6799. Despite Egrag’s caution of an imminent retest of the breakout in the near future, XRP is gearing up for a significant surge ahead, according to the analyst’s assessment.

XRP To Top $1.2 Ahead: Analyst Claims Despite Sluggish Price Action

Dark Defender Pours Optimism Into Future Movements

In a recent post on X, Dark Defender emphasizes that the Ripple-backed token is currently experiencing its third major price surge, referred to as “Grand Wave 3.” The analyst advises focusing on Heikin Ashi Candles, a popular weekly time frame analysis tool employed in conjunction with the Fisher Indicator, to better understand these significant price shifts.

According to Dark Defender’s analysis, XRP may face difficulty in the price range between $0.6044 and $0.6649. But if the weekly candle manages to close above $0.6649, then XRP, backed by Ripple, is expected to see significant growth.

XRP To Top $1.2 Ahead: Analyst Claims Despite Sluggish Price Action

Despite the current opinions of analysts, it’s important to mention that a $1 price target was established for XRP in April. However, the cryptocurrency has not reached that mark as of now.

XRP Price Tumbles

As a researcher observing the cryptocurrency market, I’ve noticed that XRP‘s price has taken a small dip, decreasing by 1.26% to reach $0.5289 at this moment. The token’s market capitalization currently stands at a significant $29.31 billion. In terms of trading activity within the last 24 hours, the volume amounted to a substantial $804.30 million. Additionally, XRP reached a low of $0.5238 and a high of $0.5366 during this period.

Based on the latest market data highlighted by CoinGape, the outlook for the Ripple-supported token remains ambiguous. The Relative Strength Index (RSI) and other market indicators reflect conflicting investor attitudes towards this digital asset.

Read More

2024-05-27 14:14