XRP The price managed to relax by staying above the 21 Exponential Moving Average (EMA) amidst an ongoing uptrend. EGRAG, one of the controversial analysts of the crypto world, took advantage of this situation and announced that their next price targets were 0.8, 1.3, 2.8 and finally 5.5 dollars. stated.
EGRAG’s latest analysis is in addition to a previous analysis it conducted. Interestingly, the analyst noted in September that XRP was on the verge of a massive price increase, increasing momentum to a level he called “Valhalla.”
In its latest article, EGRAG provided an update on the altcoin’s price movements, noting that momentum is increasing. He noted the bullish price position of the altcoin in relation to the important 21 moving average. Notably, XRP recently broke above the 21 EMA on the monthly chart.
When the price of an asset rises above the 21 Exponential Moving Average, this usually signals a short-term bullish signal and indicates that the recent price trend is positive and may continue to rise in the near future.
XRP has been trading within the 21-month EMA range since June and reached a high of $0.5658. However, it then fell from the high level and closed the month at $0.4729. This decline prevented the asset from breaking above the important EMA.
Moreover, their performance in the following months did not provide enough support for a comfortable breakout. Despite rising to $0.9380 in July, XRP still faced major resistance at this level. The subsequent correction also gave strength to the bears, keeping the price at the 21 EMA level.
XRP Targets $5.5 With Latest Breakout
However, the recent uptrend helped XRP register a comfortable break above the EMA. altcoin It managed to make good use of the market trend, increasing by 19.5% since last month. EGRAG confirmed that the recent break above the 21 EMA indicates “strong bullish momentum.”
The analyst’s initial target is at $0.83, the July 20 high. If XRP breaks the resistance at this level, the next price target will be $1.3. EGRAG stated that these are short-term goals.
According to the analyst, once the asset reaches its targets of $0.83 and $1.3, it will set sail on a path to $2.8. The altcoin last hit $2.8 in January 2018, when it fell from its all-time high of $3.31.
EGRAG’s analysis is not limited to $2.8, with the ultimate target being a high of $5.5. XRP is currently trading at $0.6150, up 0.65% in the last 24 hours. An increase of 794% is required to reach $5.5, which means a new peak price.