XRP Could Surge by 900% to $5.5
XRP Could Surge by 900% to $5.5, Historical Data and Market Analysis Suggest
New forecasts suggest that XRP, a popular cryptocurrency, could experience a massive price surge of 900%, reaching $5.5. Analysis of historical data and observations by market analysts indicate the potential for a spectacular rise in the price of XRP in the near future.
Market analyst known as EGRAG highlighted this potential in one of his latest XRP price analyses. Utilizing historical data, EGRAG emphasizes the importance of using past patterns in attempting to predict future price movements.
EGRAG's analysis is based on the observation of the crossover of two moving averages: the 21-week exponential moving average (EMA) and the 55-week moving average (MA). When the shorter moving average crosses above the longer one, a so-called golden cross occurs, indicating a bullish market trend.
These crossovers often correlate with impressive price surges, as confirmed by historical data. For example, after the first golden cross, XRP reached a historical high of $3.31 in January 2018, and following another crossover in March 2021, XRP's price surged by 584% to $1.96 in April 2021.
Now, for the third time, the same golden cross pattern has appeared again, leading to forecasts of another potential price increase for XRP. EGRAG suggests two possible price trajectories: a 585% increase to $4 or a 900% increase to $5.5. Both trajectories would result in new historical highs for XRP.
While some experts suggest selling XRP and investing in other assets due to its recent modest price growth, EGRAG remains optimistic about XRP's future. He argues that there is potential for XRP to reach double-digit price values in the current bullish cycle.
Currently, XRP is trading at $0.6147, requiring a 433% increase to reach its previous historical high. Despite this, analysis by Altcoin Daily indicates the potential for XRP to increase by 100,000% in the current bullish cycle.
In conclusion, historical data and market analysis suggest that XRP may be on the verge of an impressive price increase. However, investors must exercise caution and remember that cryptocurrency trading is always associated with risks.
*This is not financial advice
