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Breaking News: SOL Strategies: The First Solana Treasury Company Listed On Nasdaq

XRP Set To Soar Nearly 900% To $31, Analyst Highlights Key Resistance

Christian Encila
Christian Encila
11 months ago
3 mins read
XRP

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XRP aficionados are ecstatic when market analyst EGRAG predicted an 888% increase in the cryptocurrency’s value. This optimism isn’t just wishful thinking; it’s based on trends seen on XRP’s one-month chart that mirror the cryptocurrency’s rapid success in 2017. As XRP struggles to reclaim prior highs, many traders wonder if this is the beginning of another bull run.

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EGRAG’s chart analysis shows that XRP almost touched the red rising support line four times. The pattern is similar to the price movements this currency experienced during the 2017 bull run as XRP popped from a value of $0.003 to a solid $3.31 in January 2018.The repeat of this pattern suggests that XRP may soon embark on a similar course.

#XRP 888.88% – The Secret Behind the 8’s ♾:

Check out the chart below 📊 — it’s presenting a crucial pattern showing #XRP is echoing the chart behavior from 2017! 🌟 Back then, the Red Ascending Support Line was tapped 4 times before sparking the legendary 2017 #BullRun. 🐂… pic.twitter.com/dXPeZisHmA

— EGRAG CRYPTO (@egragcrypto) September 27, 2024

Breaking Through Key Resistance Levels

But what would make XRP reach such an explosion? According to EGRAG, the first big resistance stands at the all-time high of $3.31. He feels that when this price will be recaptured, it will lay the groundwork for a rally.

Interestingly, EGRAG implies that just 20% of the gains observed in 2017 could pave the way for a new rise, matching the important Fibonacci extension level of $31.

If it does break to $31, that will be a reflection of market sentiment at the moment and might even draw more investors in. Statistical data shows that in previous bull runs, price milestones greatly influenced market psychology. In fact, the rise from $0.003 to $3.31 was not only influenced by numbers but also because people saw XRP as something that would revolutionize the entire crypto space.

XRP is currently trading at $0.61. Chart: TradingView

XRP Price Forecast

However, the recent estimates given by CoinCodex add more optimism to this view. The crypto price prediction site anticipated a possible increase in the price of XRP by 19.78% by the end of October 28, 2024, and it could peak high to $0.71033.

Source: CoinCodex

This is because the market sentiment is seen as bullish, with the Fear & Greed Index spotted at 64, representing investor greed. A greed rating sometimes causes a new increase in price, making this a quite attractive opportunity for the potential buyers to take action.

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11 months ago

Throughout the month, XRP has recorded 16 out of 30 days in the green, which translates into a positive rate of 53%. Given that the price volatility is low at 3.73%, the above statistics paint a pretty rosy picture for traders eager to make a profit when there’s a breakout. Optimism is palpable and traders are focusing their hawkish eyes on critical resistance points that will probably act as important hurdles going forward.

Featured image from Fortune, chart from TradingView

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is 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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is 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.

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