Crypto analyst Egrag Crypto has stated that a breakout could be on the horizon for the XRP price. He also outlined price targets that the crypto token could hit if this price breakout were to happen successfully.
XRP Price Could Rise To As High As $0.78
Egrag mentioned in an X (formerly Twitter) post that the next price target for XRP is between $0.702 and $0.786. However, the crypto analyst failed to give a timeline for when this price breakout could happen. He also raised the possibility of a short-term move to the downside but quickly added that it has no impact on XRP’s long-term trajectory.
Regarding XRP’s long-term target, the accompanying chart that Egrag shared showed that XRP could still rise to $7.5 at some point. The crypto analyst labeled this price level as a “critical target level,” possibly in relation to higher price targets that Egrag believes XRP can attain before this bull run ends. The crypto analyst has, at different times, predicted that XRP could rise to as high as $27 at the peak of this market cycle.
The $27 price prediction no doubt seems ambitious, and XRP holders are more likely to set their focus on Egrag’s more conservative prediction of $5. The crypto analyst recently boldly claimed that XRP is “guaranteed” to see as much as a 1000% gain on its way to a new all-time high of $5.5.
Egrag further mentioned that the crypto token will begin to experience its rise to the $5 price range between this month and July. Interestingly, Egrag boldly asserted in January that XRP would reach $5 in the next 90 days, meaning that the crypto token is meant to attain this price level sometime this month.
Will April Be Another Unfulfilling Month For XRP Holders?
XRP holders will be cautious about getting their hopes high despite Egrag’s bullish predictions, which could be actualized this month. These investors had many expectations for XRP in March, with crypto analysts like Crypto Rover predicting earlier that XRP would experience a “massive breakout” last month.
However, that did not happen, as XRP maintained a relatively tepid price action even when the broader crypto market enjoyed significant gains at different points in March. XRP’s underperformance last month further underlined its rather unimpressive price action since the beginning of the year, with a year-to-date (YTD) price loss of over 4%.
At the time of writing, XRP is trading at around $0.58, down in the last 24 hours according to data from CoinMarketCap.
XRP fails to break $0.6 resistance | Source: XRPUSDT on Tradingview.com
Featured image from CryptoRank, chart from Tradingview.com
Disclaimer: The article is provided 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.
Credit: Source link
