XRP, the native cryptocurrency of the Ripple network, has been lagging behind other major coins in the recent market rally. However, one crypto analyst believes that this is about to change soon. According to Egrag Crypto, XRP is poised to surge by 800% and reach $5 in the next 90 days.
Egrag Crypto is a well-known and respected crypto analyst who has been following XRP closely for years. He has made several accurate predictions about the token’s price movements in the past. In a recent post on X, a social media platform for crypto enthusiasts, he shared his bullish outlook for XRP.
He said that XRP will rise to $5 in the next three months, marking the initial wave 1 of a prolonged bull market. He added that this bull market will last for several months, and XRP will hit higher targets along the way. He outlined his roadmap for XRP, which includes the following milestones:
- $1.2
- $1.6
- $7.5
- $13
- $27
Egrag Crypto based his prediction on the historical performance of XRP, which saw a staggering 61,000% increase in 2017. He argued that if XRP could achieve such a massive gain in the past, it could easily do it again in the future. He also pointed out the regulatory clarity that XRP enjoys, which makes it a safe and attractive investment choice.
How XRP Is Performing Now
At the time of writing, XRP is trading at $0.57, down by 1.7% in the last 24 hours. The token has a market capitalization of $26.3 billion, ranking sixth among all cryptocurrencies. XRP has been struggling to break above the $0.60 resistance level, which has been acting as a barrier for the past few weeks.
However, Egrag Crypto is not worried about the current price action of XRP. He said that $0.55 is a significant support level for XRP, and he does not expect the weekly candle to close below $0.50. He also mentioned that there is another support level at $0.43, but he does not anticipate XRP to drop that low. He said that he is focusing on the bigger picture, and he is confident that XRP will soon start its explosive rally.
What Other Analysts Think About XRP
Egrag Crypto is not the only one who is bullish on XRP. Another crypto analyst, Crypto Rover, also recently predicted that XRP is on the verge of a parabolic breakout. He said that this will happen in the next eight weeks, and XRP will surpass $1. He shared a chart that showed XRP forming a bullish pennant pattern, which is a sign of a potential upward movement.
However, not everyone is optimistic about XRP. Some critics have argued that XRP is too centralized and dependent on Ripple, the company behind the network. They have also pointed out the ongoing lawsuit between Ripple and the US Securities and Exchange Commission (SEC), which accuses Ripple of selling unregistered securities in the form of XRP. The outcome of this case could have a significant impact on the future of XRP.
XRP is one of the most controversial and polarizing cryptocurrencies in the market. Some people love it, while others hate it. However, one thing is certain: XRP has a loyal and passionate fan base, known as the XRP Army, who believe that XRP will eventually dominate the crypto space. Whether or not XRP will live up to their expectations remains to be seen, but one thing is clear: XRP is a cryptocurrency to watch in 2024.