Famous market analyst Egrag Crypto has predicted that the price of XRP will soon reach $2.90. This prediction comes amid slight movement in the XRP market after consolidating between $2.25 and $2.50 over the past few days. The altcoin has emerged as one of the biggest market winners following the US elections as it has surged more than 340% since November 5. However, XRP along with cryptocurrency market leader Bitcoin have seen only minimal gains so far in December.
XRP path to $2.90
in X Post on December 14Egrag Crypto shares a potential price path for XRP to reach $2.90.
First, the analyst notes that the asset is moving between $2.27 and $2.50 which confirms the market is moving to gather momentum for a significant price breakout to the upside. This idea follows a previous prediction where a price drop below $2.27 could have seen the price of XRP fall to around $2.17.
However, in order to start any uptrend, Egrag stresses that it is important for XRP to close above $2.50 on the hourly chart, which will lead to significant price gains. After that, the altcoin is expected to retest $2.60. This indicates a need for market bulls to engage in higher buying activity at this price level which acts as a strong support area that drives future price gains.
After a successful retest at $2.60, Egrag expects XRP to resume its upward trajectory, hitting a local peak at $2.90, leaving the asset just 24.4% away from its all-time high.
Possible XRP repeat of 2017 predicts new ATH in January
After XRP prices surged in November, analysts reiterated the possibility that the altcoin could reflect its first major rally since 2017.
X Crypto Bull analyst has Recently An idea dropped from this speech that XRP could reach a new all-time high on January 2nd exactly if a repeat of the 2017 cycle proves true. Furthermore, the cryptocurrency analyst also expects the altcoin to trade at $10 on January 15th, which is This represents a potential 4.16x return on the current market price of XRP.
Interestingly, some XRP enthusiasts like X user XRPE_Nomad expected The altcoin is set to perform better than in 2017 based on its increased utility and better regulatory clarity.
Overall, optimism for the third-largest cryptocurrency was high following Donald Trump’s victory in the US presidential election which ensured the replacement of SEC Chairman Gary Gensler and a possible quick end to the legal saga between the commission and Ripple.
At the time of writing, XRP is trading at $2.40, reflecting a loss of 1.18% in the past day. Meanwhile, the coin’s daily trading volume of $7.48 billion fell by 16.67%.