Analyst Forecasts XRP Price to Soar to $22.39, Here’s How and When

4:01 pm
January 2, 2024
Featured image for “Analyst Forecasts XRP Price to Soar to $22.39, Here’s How and When”

The XRP price has been stuck in a period of consolidation, but according to Egrag Crypto’s technical analysis, a major shift may be on the horizon. The presented forecast suggests that XRP’s price could break out, with a long-term target above $22.

Egrag Crypto’s assessment on Twitter is decisive: “XRP: IT IS BREWING: The chart for XRP is tightening up like a pressure cooker ready to blow! An eruption seems inevitable, and the anticipation is rising faster than ever. XRP Army STAY STEADY, The pressure is mounting, and it looks like something massive is about to break loose!” (source)

Anticipated XRP Price Breakout – Timing and Potential Scenario

The chart shows a symmetrical triangle pattern, often signaling a period of consolidation before a breakout. XRP’s price has moved within these converging trend lines since early 2017, indicating a tightening range that typically precedes substantial price movements.

Egrag Crypto points to several Fibonacci retracement levels, which are expected to serve as critical resistance points. The immediate levels to watch are the 0.5 Fibonacci level at around $0.7579 and the 0.618 level at approximately $1.1150. The chart suggests a bullish scenario where the price could surpass these levels, targeting $1.9704, corresponding to the 1 Fibonacci level.

XRP price analysis | Source: X @egragcrypto

Egrag Crypto presents two potential scenarios for the price breakout from the symmetrical triangle. The first scenario anticipates a breakout around February 10, contingent on breaching the 0.5 Fibonacci retracement level, aiming for the $1.1150 level and potential resistance, followed by a retest and a potential upward movement.

Alternatively, Egrag suggests a scenario where the XRP price initially declines towards the lower trend line, ascends towards the upper trend line, and potentially breaks out around July 4, 2024. Following this, the $1.1150 level would act as a local high before a retest of the breakout from the symmetrical triangle, potentially paving the way for a significant bull run.

Regardless of the scenario, the medium-term target remains the 2021 high at $1.9704, followed by the $3.7148 level, which corresponds to XRP’s all-time high. In the long term, Egrag identifies the 1.618 and 2.272 Fibonacci extension levels as goals, standing at $6.41 and $22.39, respectively.

Currently, XRP is traded at $0.6335. On the daily chart, the 0.382 Fib retracement level at $0.6379 is the most significant resistance to overcome for new momentum.

XRP price continues its sideways trend | Source: XRPUSD on TradingView.com

Featured image from iStock, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

FAQs

What is the XRP price forecast?

According to Egrag Crypto’s technical analysis, the XRP price could potentially break out, with a long-term target above $22.39.

What are the potential scenarios for the XRP price breakout?

Egrag Crypto presents two potential scenarios for the price breakout from the symmetrical triangle. The first scenario anticipates a breakout around February 10, while the second scenario suggests a breakout around July 4, 2024.

What are the resistance levels for XRP’s price movement?

The Fibonacci retracement levels, specifically the 0.5 and 0.618 levels, are expected to serve as crucial resistance points for XRP’s price movement.


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