XRP Price Predictions: Analyst Forecasts 700% Bullish Price Action
Crypto Analyst Predicts 700% Bullish XRP Price Action
The bullish predictions for the XRP price are back, with cryptocurrency expert EGRAG forecasting a potential price spike of tremendous magnitude. Despite recent struggles in the market, EGRAG believes that XRP could reach the $4 price level over the long term, representing a 700% increase from its current price.
XRP has faced a small decline in value in recent days, hovering around the $0.51 mark after retesting $0.435 on April 13. Many XRP enthusiasts have been disappointed by the lackluster performance of the cryptocurrency this year, as it has yet to reach the $1 mark as predicted by some analysts.
However, EGRAG remains optimistic about XRP’s future price movement. Drawing parallels to XRP’s 2021 price action, EGRAG’s analysis suggests that XRP could follow a similar trajectory and reach $4 by June or July. This bullish projection is based on two distinct sections of price movement, with the yellow section indicating a potential surge to new all-time highs.
Despite the current market dynamics pointing to modest price gains at best, EGRAG’s long-term price projection for XRP is $27. This ambitious target highlights the analyst’s confidence in XRP’s potential for significant growth in the future.
On-chain metrics also suggest a potential return of bullish sentiment for XRP, with a notable increase in the number of wallets holding at least 1 million coins. This uptick in large XRP holders could signal a forthcoming price surge for the cryptocurrency.
While the road to $4 in July may require a substantial increase of 677% in less than three months, the volatile nature of cryptocurrencies leaves room for such price movements. As the crypto market continues to evolve, all eyes will be on XRP to see if it can defy expectations and reach new price milestones.
Featured image from Coinpedia, chart from Tradingview.com
