How XRP Price Could Surge To $1.5: Crypto Analyst Explains Key Factor

Jake Simmons

1 year ago

2 mins read

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.

Crypto analyst Egrag has published a new short-term price prediction for XRP, indicating a possible rise should the price overcome a critical technical hurdle. Egrag’s analysis looks at the 12-hour chart of the XRP/USD trading pair, where a trend channel breakout could trigger a short-term buy signal.

XRP Price Breakout Imminent?

According to the crypto analyst, the price has recently been moving within a descending channel (DC). Now, XRP is at an inflection point that could have a significant impact on its price. Egrag has identified the structure as “DC B”, a bearish pattern where the asset has formed lower highs and lower lows.

A key focus of Egrag’s analysis is XRP’s interaction with this pattern. Since the beginning of the chart pattern, the price has twice touched the upper trend line, which serves as resistance, and twice touched the lower trend line, which serves as support.

Currently, the XRP price is about to retest the upper line of the trend channel for a third time. Should it succeed in breaking out of the downtrend channel, this would be an extremely bullish sign. From mid-July to the end of October, the price was already in a descending channel, which Egrag refers to as “DC A” in the chart.

After XRP broke out of the downward channel A, the price rallied by over 50%. Something similar could happen now if history repeats itself. Egrag explained, “XRP seems to be mirroring its previous price action within a descending channel (DC). Check out the chart below to see how price is attempting to break out of DC B. The next challenge for XRP is to surpass descending channel B to reach Fib 0.5.”

XRP price analysis — XRP price, 12-hour chart | Source: X @egragcrypto

What’s Next?

Should a breakout succeed, the 0.5 Fibonacci retracement level at $0.7529 would be the next major resistance in Egrag’s chart. An upward breakout above this level could indicate the start of a trend reversal that could drive the price towards the $1.30 to $1.50 range.

“A breakthrough past the 0.5 Fibonacci level hints at upward momentum, signaling a shift from a downtrend to a potential uptrend, instilling confidence. […] Pay close attention: Fib 0.5 at a price target of 0.7529c could be the gateway to a potential move towards 1.3-1.5$,” Egrag explains, suggesting that such a move would be an important indicator for traders.

In conclusion, Egrag advises investors to keep a close eye on trading volume and overall market sentiment, as these factors will play a crucial role in the asset’s ability to reach and exceed these crucial levels.

At press time, XRP traded at $0.63959.

Featured image from Shutterstock, chart from TradingView.com

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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.