After a week’s period of sideways movement, XRP resumed its upward trajectory, rising 19.81% on Friday to reach a local high of $1.84. During this price surge, the prominent altcoin’s market shares rose to $104.96 billion, becoming the fifth-largest cryptocurrency overtaking Binance Coin (BNB).
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XRP set to reach $5, but a big correction awaits – Analyst
Amid high bullish sentiment in the XRP community, famous analyst EGRAG Crypto has done just that I plotted the potential price path For alternative currency. According to EGRAG Crypto, if the current increase in XRP price reflects the previous pattern from 2017 where it saw a significant increase of over 1273%, the cryptocurrency asset will likely trade at $5.2-$5.3.
This expectation combines with Previous forecasts of analysts The altcoin tends to reproduce the first major price explosion recorded in early 2017, after prices rose by 200% last month. However, EGRAG’s version of this bullish forecast warns that XRP is likely to see a 63% price drop after climbing above $5.
Despite this, the analyst highlights that this potential price drops to around $1.94-$1.96, a price range above the coin’s all-time high recorded in 2021 which indicates a high potential for a significant price rise to the upside. Next.
However, EGRAG also warns that although XRP’s current price action is similar to 2017-2018, the timeline for the expected price rise is likely to change. The analyst explains in his “SPACETIME THESIS” that the cryptocurrency may see a similar level of price gain percentage but not in the same time frame as seen previously.
XRP price overview
At the time of writing, XRP is trading at $1.84, reflecting a 19.81% gain as previously mentioned. The daily trading volume of the token also increased by 143.48%, indicating a high level of interest in the market.
In terms of short-term price action, XRP recently crossed a key resistance area at $1.76 paving the way for a potential rally to the token’s current all-time high of $3.84.
This price trajectory seems quite reasonable given the ever-increasing bullish sentiment around the fifth-largest crypto asset following recent developments.
For example, former US Commodity Futures Trading Commission (CFTC) Chairman Chris Giancarlo recently suggested that the US Securities and Exchange Commission (SEC) would likely drop its lawsuit against Ripple in line with the US President’s pro-crypto policy. . Election of Donald Trump.
Developments like these, as well as a potential spot ETF, will likely boost demand for XRP as the cryptocurrency bull market prepares to take off.
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