XRP’s sharp 377% surge forecast sparks investor discussion
The digital currency market is currently undergoing a period of correction, with XRP dropping below $2, and the overall market capitalization hovering around $3.14 trillion. Despite this temporary setback, a leading analyst suggests that this downturn is just a short pause before XRP resumes its upward trajectory.
Market analyst EGRAG Crypto has caused a stir in the crypto community by predicting that XRP could reach $9.50 in the near future, marking an impressive 377% increase from its current price of $1.96. While some skeptics may view this forecast as overly optimistic, the analyst points to historical patterns and technical indicators that support the potential for significant gains.
According to EGRAG Crypto, the current decline in XRP’s price mirrors similar patterns seen in previous market cycles. He believes that this pullback is a normal phase following a significant upward movement, rather than a signal of a long-term decline. XRP began its recent rally last year, breaking free from a multi-year price pattern around $0.50. It reached highs of $3.39 in January and $3.66 in July before transitioning into a distribution phase, typical in cryptocurrency market cycles.
Despite the recent weakness, EGRAG Crypto maintains that XRP has not reached its peak. He sees the current movement as a momentary pause rather than a reversal, noting that XRP remains above its 21-month exponential moving average, currently at $1.90. The 21-month EMA is an essential technical indicator that tracks the average price over an extended period, helping to identify trends in asset performance.
While XRP has fallen below the 9-day EMA, EGRAG Crypto believes that this does not indicate weakness in the long-term trend. He emphasizes that staying above the 21-month moving average suggests that the overall positive momentum remains intact. The analyst has identified a critical support zone between $1.80 and $1.60 that could influence XRP’s next significant move. As long as XRP avoids prolonged closings below this range, a recovery is likely.
EGRAG Crypto highlights XRP’s history of extended sideways movements before significant rallies, rewarding patient investors who recognize these periods as accumulation opportunities. Based on technical analysis, the analyst expects the next three to six months to favor an upward movement, with XRP potentially reaching $9.50, a new all-time high. However, achieving this target may be ambitious given the current market conditions and challenges facing digital assets.
XRP’s price outlook will not only depend on technical factors but also on Ripple’s legal situation and the adoption of its payment technology by financial institutions. For now, traders are monitoring whether XRP can maintain support above the critical $1.80 to $1.60 zone to sustain its longer-term upward trend.
