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Egrag Crypto, a well-known analyst in the market, recently projected that XRP could reach the $2.90 mark in the near future. This comes at a time when XRP experienced minimal movement, oscillating between $2.25 and $2.50 after a period of consolidation. The cryptocurrency has significantly profited post-US elections, marking an increase of over 340% since November 5. Despite the overall crypto market, led by Bitcoin, showing modest gains in December, XRP has been highlighted as a coin to watch. The analyst shared insights on an X platform on December 14, sketching a potential trajectory for XRP hitting the $2.90 target. It’s been noted that XRP has been navigating between $2.27 and $2.50, which suggests a preparation phase for a substantial breakout.
The groundwork for an upward trend requires XRP to close above $2.50 on an hourly chart, a significant move that would engender a major price leap. Subsequently, XRP would need to retest the $2.60 mark. At this juncture, market bulls are anticipated to intensify buying activities, establishing $2.60 as a robust support level facilitating future gains. Following a successful retention of this level, according to Egrag’s prediction, XRP is poised to resume its bullish path and could hit a local peak of $2.90. This development would position the altcoin tantalizingly close, at just 24.4%, from its all-time high, evoking enthusiasm among investors and market watchers.
Amplifying this sentiment, some analysts have compared XRP’s current momentum to its historic bull run in 2017, foreseeing a possible new all-time high (ATH) by January 2023. Crypto Bull, another market analyst, has suggested that if XRP’s cycle mirrors that of 2017, it could establish a new ATH as early as January 2. Additionally, predictions have been made anticipating the altcoin’s trading value could soar to $10 by January 15, posing a potential 4.16x increase over its current market price. This optimism is fueled further by XRP aficionados, like XRPE_Nomad, who argue that the altcoin’s increased utility and improved regulatory clarity could outshine its 2017 performance.
Optimism surrounding XRP has been further bolstered by political developments, notably Donald Trump’s election victory and the consequent implications for the crypto regulatory environment, including a potential shift in SEC leadership from Gary Gensler. Such developments could mark a swift resolution to the ongoing legal battles between Ripple and the SEC, setting a positive backdrop for XRP’s market trajectory. At the time of analysis, XRP is trading at $2.40, reflecting a slight loss over the past day, with its daily trading volume seeing a decrease of 16.67%. Nonetheless, the outlined potential for substantial gains makes XRP a focal point for investors in the cryptocurrency market, symbolizing a dynamic phase for the digital currency amidst evolving market conditions and regulatory landscapes.
