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XRP price explosion imminent? Analysts predict 1,700% in 10 days if this happens
Ripple (XRP), the sixth-largest cryptocurrency by market capitalization, is racing to reach the $1 mark again amid legal hurdles in the unpredictable crypto market. Today, XRP saw a moderate increase of 1.91%, reaching $0.4985, amid a session characterized by tense trading conditions. Despite the challenges, crypto expert Egrag Crypto predicts a potential rise in XRP, setting targets for a 1,700% increase in the coming week.
Will XRP Retain Key Levels? Analyst Outlook
Egrag Crypto made headlines with a prediction suggesting that XRP could potentially rise by 1,700% if it manages to close above the crucial $0.55 to $0.58 price range over the next 10 days. The basis for this prediction lies in Egrag’s observation of an uptrend of “hammer candle formation” over the 3-month time frame of XRP. This trend is historically considered very bullish and has already reported significant price increases in the cryptocurrency market, drawing comparisons to similar market movements in 2016 and 2017.
The analyst is convinced that XRP is about to explode based on the formation of candles on the chart. He says new crypto investors might not understand where they’re going, partly because they haven’t done much in the past. Egrag emphasized that these new investors will not understand the seven years of trust and commitment behind XRP.
What is the current market position?
While the XRP community rejoices over Egrag Crypto’s predictions, market sentiment remains mixed. Data from Coinglass shows a marginal 0.55% increase in XRP’s open interest (OI) to $564.05 million, indicating renewed interest in the asset. However, there was a notable 43.23% decline in derivatives volume to $925.11 million, reflecting divergent market opinions and cautious traders.
That said, XRP’s Relative Strength Index (RSI) currently sits around 47, signifying neutral sentiment globally. This suggests that investors are unsure whether the recent price movement will lead to sustained upward momentum or whether a correction is imminent.
Ripple’s view
Looking ahead, Ripple CEO Brad Garlinghouse is hopeful that an XRP ETF will be available soon. According to him, this could attract big investors and help the price of XRP rise even more. If this happens, it could also confirm Egrag Crypto’s positive predictions.
Conclusion
The latest predictions and price movements for XRP have sparked excitement and caution within the cryptocurrency community. XRP’s ability to achieve the predicted 1,700% surge depends on its performance against crucial price levels in the coming days. Investors must stay informed and approach the market with a carefully considered strategy.