Popular market analyst Egrag Crypto has predicted that XRP will soon reach a price of $2.90. This prediction follows minor movements in the XRP market after consolidating in the $2.25-$2.50 range over the past few days. Altcoin turned out to be one of the biggest market gainers after the US elections, increasing by over 340% since November 5. However, XRP, along with cryptocurrency market leader Bitcoin, has only posted modest gains in December so far.
XRP path to $2.90
In Post X from December 14Egrag Crypto shares XRP’s potential price trajectory to reach $2.90.
First, the analyst notes that the asset is trading in the range of $2.27-$2.50, confirming a market movement that will gain momentum to push the price significantly towards the upside. This view is consistent with an earlier prediction that a price drop below $2.27 could cause XRP to drop to around $2.17.
However, in order to initiate any uptrend, Egrag emphasizes that it is critical for XRP to close above $2.50 on the hourly chart, which should result in a significant price enhance. The altcoin is then expected to retest $2.60. This suggests the need for bulls to enhance purchasing activity at this price level, which is expected to be a mighty support zone fueling future price growth.
Following a successful retest of $2.60, Egrag predicts that XRP will return to its bullish trajectory, hitting a local high of $2.90, leaving the asset just 24.4% from its all-time high.
XRP potential in 2017. Recent ATH forecast repeated in January
Following November’s price surge for XRP, analysts have reiterated the possibility that the altcoin will mirror the first-ever major bull market of 2017.
X Crypto Bull Analyst has lately withdrew from this discussion, stating that XRP could reach a up-to-date all-time high on January 2 exactly if a repeat of the 2017 cycle turns out to be true. Moreover, the cryptocurrency analyst also predicts that the altcoin will trade at $10 on January 15, representing a potential enhance of 4.16 times the current market price of XRP.
Interestingly, some XRP enthusiasts such as X user XRPE_Nomad to expect altcoin is expected to outperform in 2017, thanks to increased usability and better regulatory transparency.
Overall, optimism around the third-largest cryptocurrency was high after Donald Trump’s victory in the US presidential election, which guaranteed the replacement of SEC Chairman Gary Gensler and a potentially 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 last day. Meanwhile, the coin’s daily trading volume, valued at $7.48 billion, dropped by 16.67%.
