Ripple XRP coin is currently in the spotlight following an expert’s analysis suggesting a potential surge in its value. Amid its ongoing consolidation phase, Ripple is showing signs that could lead to a significant increase in its price, possibly reaching $3.70.
Currently valued at $0.63, XRP is experiencing a consolidation phase along a slanted trend line. This pattern is reminiscent of previous cycles where the asset showed significant growth following similar trends. In 2021, XRP witnessed a 500% gain, reaching $1.60. This historical precedent and current market conditions form the basis of the expert’s prediction for a potential surge.
#XRP Super Guppy (Update)
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For a clearer picture, refer to the October 28, 2022 post: https://t.co/WPLTtxRvovWhat’s Happening Now:#XRP is currently in a consolidation phase along a slanted trend line, reminiscent of cycle ‘B’. The pattern mirrors… pic.twitter.com/Uz3aHf4mR6
— EGRAG CRYPTO (@egragcrypto) December 26, 2023
Technical analysis retrieved from TradingView indicates a strong bullish market sentiment. The summary aligns with a ‘strong buy’ rating, supported by moving averages and oscillators. Ripple’s trading volume has surged by 38%, now standing at $1.9 billion, further reinforcing the positive outlook. Additionally, the appearance of a glowing green Super Guppy, a set of moving averages indicating trend strength, suggests a bullish trend for XRP.
XRP Legal Clarity and Market Anticipation
Following Ripple’s partial victory in the case against the Securities and Exchange Commission (SEC), where XRP was declared not a security, market anticipation has grown. Despite this legal clarity, XRP has not yet seen a formidable rally in line with the general market movement. However, experts believe the asset is well-positioned for growth, especially when considering Ripple’s underlying technology and increasing adoption rates.
Ripple Price Prediction
The expert, known under the pseudonym Egrag Crypto, suggests that the period between December 2023 and February 2024 could be critical for XRP. This timeframe is expected to witness significant price movements, offering potential opportunities for investors. The analysis advises consolidating dollars and other crypto gains into XRP during this phase, which could amplify portfolios by six to seven times.
XRP’s race to hit the $1 mark is also in context with competing assets like Cardano (ADA). Based on underlying factors and technical indicators it is considered to have a strong position in this race. The overall trajectory along with the market trends and technology adoption rates, will be key determinants in its potential skyrocketing prospects.
XRP/USD daily price chart, Source: Tradingview
A look at the Ripple’s technical analysis obtained from TradingView reveals that optimistic sentiments dominate, with the summary coinciding with a strong buy’ at 13. Moving averages support the same rating of 11 and oscillators support a ‘buy’ at 2. The 20-EMA is currently above 50-EMA, indicating a bullish trend in the near term.
