XRP It has been trending downwards along with the broader crypto market lately. However, one analyst predicts that the token could rise to $2.80 after hitting the bottom.
Famous crypto analyst EGRAG shares a post about the XRP rally made. The analyst expects the token to explode by over 500%, reaching initial targets around $2.80.
#XRP 500% First Move šššššššš:
Check the inverted chart from December 15th, 2023.
NEWS CONTINUES BELOWremember #XRP enjoys toying with everyone’s emotions before a mega pump.
But that 500% surge? That’s just the start.
The chart below captures just a fraction of the massive surge that Iā¦ https://t.co/vIrpZIi70x pic.twitter.com/VaZ8UzGK75NEWS CONTINUES BELOWā EGRAG CRYPTO (@egragcrypto) January 6, 2024
Ripple’s Support Trend Line Holds Despite Tests
The chart highlighted a support trend line where XRP has bounced repeatedly during corrections dating back years. Each support test represented higher lows as bulls bought dips.
In late December, EGRAG predicted another decline to retest support before a prolonged rise in XRP. This prediction came true this month. Token, wide crypto- It fell below $0.50 amid selling pressure.
The recent decline saw XRP bounce from the trend line four times since 2020. EGRAG points to a similar four-touch pattern from June 2014 to December 2017 before an epic rally in 2018.
XRP eventually reached an all-time high around $3.30 at the beginning of that year. EGRAG believes this cycle will continue at even higher levels after the token bottoms out and leaves trendline support behind for good.
Will XRP Reach $2.8?
It is difficult to identify upside targets in the volatile crypto space. However, EGRAG expects an initial 500% rise in XRP from current levels around $0.56 to the $2.80 area.
But the analyst says this will only mark the beginning of a much more significant rally. Further, he expects XRP to challenge and surpass its former peak above $3.30.
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