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XRP price will rise 1700% if it closes at this level
Crypto market analyst Egrag Crypto’s latest XRP price prediction appears to have echoed a frenzy across the broader market. In a post shared on X today, the analyst highlighted an imminent potential 1700% price rally for XRP. Despite the sluggish performance of the Ripple-backed crypto, analyst-held optimism regarding XRP has fueled a speculative fire about future price movements.
Here is a summary of analyst observations on XRP and the vital level it needs to reach to achieve a 1700% pump.
Egrag highlights bullish candle formation
According to Egrag, the Ripple-backed asset’s 3-month period depicted a “hammer candle formation,” a highly bullish pattern. The analyst firmly believes that bull run waits, citing historical data, especially from April to June 2016 and from July to September 2017.
Assessing the current situation, Egrag cites that XRP needs to close above the $0.55 to $0.58 price range in the next ten days, presumably when the next 3 month period ends. If this happens, the analyst predicts a “perfect hammer formation”, paving the way for a “mega pump” for XRP.
Furthermore, if the pattern formation mirrors ‘hammer 2’, a significant increase of around 1700% could be on the cards, according to Egrag. However, if XRP follows the ‘hammer 1’ pattern, traders and investors could be in for an impressive 5,500% pump after a six-month holding period.
However, it is worth remembering that XRP has not yet reached its wave three target of $1, which the same analyst predicted for April. However, the crypto community continues to keep an eye on the digital asset.
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XRP Price Rises
Simultaneously, XRP Price saw a 1.91% increase to reach $0.4985 today. The token’s 24-hour lows and highs are $0.488 and $0.5002.
Coinglass data shows a slight increase of 0.55% in XRP HI to US$564.05 million, aligning with the price pump. However, derivatives volume fell 43.23% to US$925.11 million, triggering contrasting sentiments.
Additionally, the RSI moved around 47, suggesting broader market neutrality for the asset. This suggests that a potential takeover by bulls or bears looms for XRP.
It is worth noting that Ripple CEO Brad Garlinghouse seems optimistic about a ETFXRP going forward, which could further boost gains in the asset. On the other hand, the analyst’s price forecast remains in doubt at this time.
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