XRP Set To Soar Nearly 900% To $31, Analyst Highlights Key Resistance

by Derek McKinney | Posted on

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.

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.

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.

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