Crypto Analyst EGRAG Predicts Major XRP Price Rally To $10 Or $50
XRP has experienced a period of consolidation in late November, but both fundamentals and price action indicate that the cryptocurrency is poised for a breakout. A prominent crypto analyst, EGRAG, believes that XRP is in an ideal position for a significant rally, potentially propelling the price to $10 or even $50.
EGRAG made this prediction based on the cryptocurrency’s past price action, particularly by analyzing candle formations on the monthly timeframe. The analyst highlighted the significance of these formations in predicting future price movements.
Since obtaining regulatory clarity in the US following Ripple’s partial victory in court against the SEC in July, XRP has witnessed several price spikes, listings on numerous US-based exchanges, and sustained price increases. Recent data from XRP’s price action shows the formation of green candles on the monthly time frame, a pattern that has only occurred twice in XRP’s history, preceding strong price spikes both times.
Looking at historical trends, EGRAG outlined two potential scenarios for XRP’s price movement. The first scenario could see a consolidation period similar to 2016, followed by a significant surge to $50 starting in November 2024. The second scenario suggests a consolidation phase, akin to one in the past, resulting in a surge to $10 by April 2024.
#XRP‘s 3 Candle Formation: $10 or Soar to $50? ????
Exploring candle formations offers profound insights into how prices move. #XRP‘s historical data highlights a fascinating trend: just twice has there been a sequence of 3 consecutive monthly Green Candles. Get ready—within the… pic.twitter.com/TcKVbR2pWo
— EGRAG CRYPTO (@egragcrypto) November 30, 2023
XRP market cap currently at $33.07 billion on the daily chart: TradingView.com
What’s Next For XRP?
The formation of three successive green candles on the monthly timeframe indicates the current bullish sentiment surrounding XRP. The asset confirmed the latest bullish candle after closing at $0.60634 on November 30th, following a 1% gain in a 30-day timeframe. This presents an opportunity to potentially capitalize on the anticipated price surge to $10 or $50 per XRP token, as the duration of the consolidation period remains uncertain.
XRP is currently trading at $0.6138 and, despite being the 5th largest cryptocurrency by market cap, many analysts believe it is undervalued. Additionally, EGRAG suggests that XRP may trade within a range of $0.7 to $0.54 for December, with a close above $0.93 signaling the end of the current accumulation phase.
#XRP 2 Days (Monthly Close) Analysis:????????️
Observing the #Bearish formations atop or at peaks:
A) Hanging Man ????♂️
B) Shooting Star ????????
C) Gravestone ????
D) Long-legged ????️Historical data strongly indicates that these candle formations on the Monthly Time Frame often precede… https://t.co/EfzWOSMtEw pic.twitter.com/RUJJZJcVv2
— EGRAG CRYPTO (@egragcrypto) December 1, 2023
Featured image from Shutterstock
