XRP Predicted to Reach $2.90 Amidst Market Consolidation
Market analyst Egrag Crypto predicts XRP may reach $2.90 soon, following a period of minimal movement in the market, with recent consolidation between $2.25 and $2.50. Since November 5, XRP has gained over 340% but has seen limited gains alongside Bitcoin in December.
XRP’s Path To $2.90
Egrag Crypto shared a potential price trajectory for XRP to hit $2.90 in a December 14 post. The asset has been fluctuating between $2.27 and $2.50, indicating momentum for a significant upward breakout. A drop below $2.27 could lead to a decline towards $2.17.
For an upward trend, XRP must close above $2.50 on its hourly chart, which could trigger substantial price gains. Following this, a retest at $2.60 is expected, requiring strong buying activity to establish support for future gains.
If the retest at $2.60 is successful, XRP is predicted to continue its bullish trend, aiming for a local peak of $2.90, which is 24.4% below its all-time high.
XRP Potential 2017 Repeat Predicts New ATH In January
Analysts suggest XRP may replicate its major bull run from 2017 after its surge in November. Analyst Crypto Bull forecasts that XRP could reach a new all-time high by January 2 if the 2017 cycle repeats. Additionally, he predicts a price of $10 by January 15, representing a 4.16x increase from current levels.
Some XRP enthusiasts believe the altcoin will outperform its 2017 performance due to enhanced utility and improved regulatory clarity. Optimism around XRP has increased following Donald Trump's election victory, which may expedite the resolution of the legal issues between the SEC and Ripple.
Currently, XRP trades at $2.40, marking a 1.18% decrease in the past day, with a daily trading volume of $7.48 billion, down by 16.67%.
