A crypto analyst shared his latest technical analysis for XRP. According to the analyst, if XRP rises above $0.5160, it will make a move between $2.8 and $4.6. However, the analyst’s main goal goes far beyond these. Meanwhile, another analyst talks about the moon journey for the altcoin.
“Altcoin could rise to $12-50 in early 2024!”
Crypto trader and analyst Egrag Crypto predicts that the price of Ripple (XRP) could rise to between $2.8 and $4.6 in the next few months. According to the analyst, the XRP price is staying in an accumulation zone. It will also continue to do so until it breaks above $0.5160. Egrag Crypto adds that after the altcoin price moves from $2.8 to $4.6, there will be a correction up to $1. After that, the price of the altcoin will embark on a “big and difficult journey”. According to the analyst, it is possible for the altcoin price to go up to $12 or even $50 during this time.
However, the analyst urges his followers to be patient. Because he predicts that the price of XRP will continue to consolidate until early next year. The analyst states that the XRP price will continue to trade flat until the first quarter of 2024. At press time, XRP is changing hands at $0.4674. Currently, altcoin price is following a separate trend in the crypto market. Because it lost more than 10% in 24 hours.
XRP price 7-day chart / Source: CoinMarketCapXRP going to the moon?
Altcoin has been doing badly recently among the top 100 cryptocurrencies by market cap in terms of losses. Because he placed at the top of the biggest ‘loser’ list. However, one analyst is talking about the chances of reaching $0.8 in the near future. This is why it remains one of the strongest altcoins in the crypto industry. According to the observations and chart patterns shared by the analyst alias Altcoin Sherpa, if the XRP token exceeds the supply zone between $0.53 and $0.6, the next area it will target will likely be $0.8.
XRP 3-day price action analysis / Source: Altcoin SherpaMeanwhile, the crypto-asset’s previous price action is proving to have enough leverage for bullishness, especially as blockchain company Ripple’s legal team has made meaningful gains in a lawsuit against the United States Securities and Exchange Commission (SEC).
If the legal battle ends up in Ripple’s favour, it’s possible that XRP will react with a massive spike. Because with the release of filings showing that the SEC’s then-divisional director knew his speech would cause confusion in the markets, and yet continued to insist on its policy of regulation through sanctions, the odds turned more in the direction of the crypto firm.
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