Expert Predicts XRP Price Surge of 1700 Within 10 Days Contingent on THIS Event
XRP, the sixth-largest cryptocurrency in terms of market capitalization, is aiming to surpass the $1 mark once again, despite facing legal uncertainties in the volatile crypto market. In a recent session, XRP saw a modest increase of 1.91%, closing at $0.4985, amidst tight trading conditions.
Despite the challenges, crypto expert Egrag Crypto has made a bold prediction, suggesting that XRP could experience a staggering surge of 1700% if it manages to close above the crucial price range of $0.55 to $0.58 within the next 10 days. Egrag’s optimism is based on the observation of a bullish “hammer candle formation” pattern in XRP’s three-month chart. Similar patterns in the past have often resulted in significant price increases, drawing comparisons to the bullish trends witnessed in 2016 and 2017.
The analyst highlights that the current candle formation on XRP’s chart indicates a potential for substantial price growth. It is important to note that XRP’s recent performance may lead some new investors to underestimate its potential, overlooking the seven years of development and dedication behind the cryptocurrency.
While the XRP community welcomes Egrag Crypto’s positive forecast, market sentiment remains mixed. Data from Coinglass reveals a slight 0.55% increase in XRP’s Open Interest (OI), reaching $564.05 million, indicating renewed interest in the asset. However, there has been a significant 43.23% decline in derivatives volume, totaling $925.11 million, reflecting differing market opinions and cautious trading behaviors.
The Relative Strength Index (RSI) for XRP currently stands at around 47, indicating a neutral sentiment overall. This uncertainty suggests that investors are unsure whether the recent price movement will sustain bullish momentum or lead to a correction.
Looking ahead, Ripple’s CEO, Brad Garlinghouse, expresses optimism about the potential launch of an XRP Exchange-Traded Fund (ETF) in the near future. Garlinghouse believes that such a development could attract major institutional investors, potentially boosting XRP’s price and supporting Egrag Crypto’s optimistic outlook.
The latest forecasts and price movements surrounding XRP have sparked both excitement and caution within the cryptocurrency community. Whether XRP can achieve the projected 1700% surge depends on its performance against critical price levels in the coming days.
Investors are advised to stay informed and develop a well-researched strategy when navigating the market.