Popular market analyst Egrag Crypto has suggested that XRP will soon reach the price of $2.90. This prediction comes amid little movement in the XRP market following a consolidation between $2.25 and $2.50 in recent days. The altcoin emerged as one of the market’s biggest winners following the US election, surging more than 340% since November 5. However, XRP, along with crypto market leader Bitcoin, has only seen few gains so far in December.
XRP’s path to $2.90
in a X publication of December 14.Egrag Crypto shares a potential price trajectory for XRP to reach $2.90.
Firstly, the analyst notes that the asset has been moving between $2.27 and $2.50, confirming a market move to gain momentum for a major price breakout in an upward direction. This notion follows a previous prediction that a price drop below $2.27 could have seen XRP fall to around $2.17.
However, to start any uptrend, Egrag emphasizes that it is important for XRP to close above $2.50 on its hourly chart, which should result in a significant price gain. Thereafter, the altcoin is expected to retest $2.60. This suggests the need for intense buying activity by market bulls at this price level, which will serve as a strong support zone driving future price gains.
Following a successful retest at $2.60, Egrag predicts that XRP will resume its bullish trajectory, hitting a local high of $2.90, leaving the asset just 24.4% away from its all-time high.
XRP’s Possible 2017 Repeat Predicts New ATH in January
Following XRP’s price surge in November, analysts have raised concerns about the possibility of the altcoin reflecting its first major bull run of 2017.
X Crypto Bull Analyst Has most recently released a version of this speech claiming that XRP could hit a new all-time high exactly on January 2 if the repeat of the 2017 cycle proves true. Furthermore, the crypto analyst also predicts that the altcoin will trade at $10 on January 15, representing a potential 4.16 times the current market price of XRP.
Interestingly, certain XRP enthusiasts, such as X user XRPE_Nomad wait The altcoin will produce better performance than in 2017 due to its greater utility and greater regulatory clarity.
Overall, optimism around the third-largest cryptocurrency has been high following Donald Trump’s victory in the US presidential election, which ensured the replacement of SEC Chairman Gary Gensler and a potentially quick end. of the legal saga between the Commission and Ripple.
At the time of writing, XRP is trading at $2.40, reflecting a 1.18% loss over the past day. Meanwhile, the coin’s daily trading volume valued at $7.48 billion has decreased by 16.67%.
