XRP Price Projection: Can It Hit Double Digits?
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Analyzing the Potential Surge of XRP to $27 in the Current Market Cycle
Renowned crypto analyst ChartNerd anticipates the XRP price to potentially climb into double-digit territory in the ongoing market phase. Previously, the analyst referred to Fibonacci retracement levels from earlier cycles as a key factor in predicting such a remarkable uptrend for this altcoin.
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Anticipating a Rally to Between $8 and $27
In a post on X, ChartNerd shared that XRP’s price is poised for a significant rally, potentially reaching between $8 and $27. The analyst pointed out that in a prior analysis, XRP had already met its 1.272 and 1.1618 Fibonacci levels, and for this cycle, the 1.272 and 1.618 Fibonacci levels are calculated at $8.40 and $27, respectively.
On a similar note, another well-known crypto analyst, Egrag Crypto, has also expressed confidence in XRP’s ability to soar as high as $27 during this market cycle. Egrag Crypto cited the 2017 market cycle, where XRP achieved an extraordinary gain of approximately 63,000%, as a potential blueprint for the current cycle’s performance.
Recent Analysis and Predictions
In a recent analysis, Egrag Crypto suggested that XRP is targeting prices of $10, $18, and ultimately $27, as indicated by a bullish chart pattern. Additionally, a recent bullish candle formation analysis signaled the potential for XRP to reach at least $22. Meanwhile, crypto analyst Dark Defender foresees an upcoming surge to $23, suggesting that the altcoin’s current wave structure aligns with historical patterns projected through November 2024.
Short-Term Price Movements: What to Expect
Dark Defender provided insights into XRP’s short-term price movements, emphasizing that the altcoin is approaching a primary resistance level near $2.40 on the weekly chart. The analyst noted that the critical support level to monitor is $2.2222, while the upward target remains $5.85.
Commenting on short-term dynamics, Egrag Crypto remarked that XRP must surpass key price points such as $2.30, $2.35, $2.36, $2.45, and $2.65 to trigger a bullish breakout, with $2.65 serving as the pivotal “Go-Go” signal towards a new all-time high.
As of the latest data, XRP is trading at approximately $2.12, reflecting a 3% decline over the past 24 hours according to CoinMarketCap.
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