Ripple (XRP), the sixth-largest cryptocurrency by market capitalization, is trying hard to reach the $1 mark again amidst a backdrop of legal hurdles in the unpredictable crypto market. Despite these obstacles, crypto expert EGRAG CRYPTO suggests a possible surge for XRP, outlining price targets of $1.4 and $4 by July 2024.
The latest analysis by EGRAG CRYPTO sheds light on the intriguing parallels between XRP’s current price action and its performance in 2021. The chart shared by the crypto trader outlines two distinctive sections: the blue and yellow zones, each indicating potential price targets and trajectories.
The “Blue Section” suggests a plausible target of $1.4 by June-July, with the broader price range spanning from $1.2 to $1.8. This optimistic outlook has resonated positively with investors, sparking hopes for a bullish trend in the Ripple-backed token.
Moving deeper into the analysis, the “Yellow Section” reveals an even more intriguing possibility for XRP’s price trajectory. Highlighting the historical patterns observed in 2021, there’s speculation that XRP could aim for $4 in the foreseeable future.
The alignment of the blue trend line with a fractal in this zone adds weight to this scenario, bolstering confidence among traders.
In the meantime, another crypto analyst has identified a noteworthy trend on XRP’s monthly Bollinger Bands, suggesting an impending surge in volatility. This pattern resembles setups observed before significant price movements in previous years.
The Bollinger Bands, a tool used in technical analysis, are now tighter on XRP charts than ever. This tightening usually means a big price move is coming. Similar tightness happened in 2017 and 2020 before significant XRP price changes.
As of now, XRP is facing a downward trend, with its price dropping by 4.92% over the last 24 hours, settling at $0.51, and holding a market cap of $28 billion. This decrease aligns with the broader market trend, prompting concerns about XRP’s immediate performance.
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