XRP’s Path to $2.90
The crypto market is abuzz with anticipation as renowned market analyst Egrag Crypto predicts that XRP could soon reach the $2.90 price mark. Despite recent stagnation, where XRP has been consolidating between $2.25 and $2.50, prospects for a breakout remain high. This comes on the heels of XRP’s impressive rise, gaining over 340% since the post-US election period. However, alongside Bitcoin, XRP has experienced minimal gains as December unfolds.
Analyzing the Trajectory
According to Egrag Crypto’s insights shared in a December 14 X post, XRP’s price movement between $2.27 and $2.50 indicates a build-up for a significant price breakout. Previously, a dip below $2.27 was projected to lead to a further decline to approximately $2.17, suggesting a crucial support level. For an upward trend to materialize, XRP needs to close above $2.50 on its hourly chart, signaling potential for substantial price advancement.
The Role of Market Bulls
Achieving a closure above $2.50 could set the stage for XRP to retest the $2.60 level. At this juncture, increased buying activity is essential for sustaining upward momentum, making $2.60 a pivotal support zone. Should XRP successfully navigate this retest, Egrag’s analysis points to a bullish continuation, potentially driving the price to a local peak of $2.90. This would place XRP a mere 24.4% shy of its all-time high, signaling a robust upward trajectory.
XRP’s Potential to Mirror 2017’s Success: A New ATH in January?
With XRP’s notable price surge in November, the possibility of the altcoin echoing its first significant bull run from 2017 is gaining traction among analysts. Crypto Bull, another reputable analyst, has weighed in, suggesting that XRP might achieve a new all-time high by January 2, if the 2017 cycle repeats. Additionally, he forecasts XRP trading at $10 by January 15, representing a potential 4.16x increase from its current market price.
Community Optimism and Market Conditions
Among the XRP community, enthusiasts like XRPE_Nomad anticipate the altcoin’s performance to surpass 2017’s outcomes, citing its enhanced utility and improved regulatory clarity. The overall sentiment surrounding XRP, the third-largest cryptocurrency, remains optimistic, bolstered by Donald Trump’s US Presidential election victory. This political shift promises the replacement of SEC Chairman Gary Gensler, potentially expediting the resolution of the ongoing legal dispute between the SEC and Ripple.
As of now, XRP is trading at $2.40, reflecting a slight loss of 1.18% over the past day. Meanwhile, its daily trading volume has dipped by 16.67%, currently valued at $7.48 billion.
