As XRP, currently the third-largest cryptocurrency by market capitalization, navigates recent fluctuations, analysts and market experts are optimistic about its potential for significant price growth.
After experiencing a brief dip toward $2.83 over the weekend, following an unsuccessful attempt to breach its all-time high of $3.40 set seven years ago, the sentiment surrounding XRP remains bullish.
Market Expert Foresees XRP Propelling To $53
In a recent post on X (formerly Twitter), market expert and technical analyst Egrag Crypto shared encouraging price targets for XRP investors, suggesting that historical price patterns indicate a possible blow-off top that could drive the token into double-digit territory.
Egrag highlighted three historical blow-off tops, demonstrating impressive percentage increases that XRP has experienced in the past: one saw a rise of 1,068%, another 2,636%, and a third recorded an increase of 406%.
By analyzing these surges alongside corrective phases, Egrag Crypto formulated potential price targets for the next blow-off top for the altcoin, suggesting levels of $53, $32, and $9.70, all of them surpassing by clear difference the tokne’s current record peak.
Egrag previously noted the importance of a critical price range between $4 and $5, indicating that once XRP reaches approximately $4.40, it will enter a “powerful energy field” that could significantly propel prices higher.
The analyst emphasized that traders should closely monitor price action, candle formations, and oscillator behaviors in this range to determine whether the market is poised for a substantial rally or facing a potential correction.
Despite the optimistic outlook, Egrag urged caution, stating, “I’m still feeling #BULLISHAF, but it’s crucial to remain level-headed when trading and investing, especially with #XRP.”
He expressed concern that market dynamics might be encouraging retail investors to exit, which could be a strategy to enable the emergence of two-digit prices.
Aiming For A 40% Surge Amid Impressive Monthly Performance
Supporting this bullish sentiment, market analyst Ali Martinez has also weighed in on XRP’s trajectory, noting that the cryptocurrency has recently broken out of a bullish flag and is now targeting the $4.40 mark.
This indicates a near-term uptrend of nearly 40% for the altcoin, complementing its impressive monthly performance, which has already seen a surge of 43%. However, despite these positive figures, XRP is currently trading at $3.16, still 7.2% below its all-time high.
The price levels of $3.35 and $3.40 have proven to be significant hurdles for the altcoin, representing crucial barriers that must be overcome to initiate a price discovery phase.
On the downside, the token has established a significant price support range between $2.70 and $2.80 over the past week. This area has become a notable buying zone for investors anticipating further price increases.
Featured image from DALL-E, chart from TradingView.com
