Popular market analyst Egrag Crypto predicts that XRP will reach the $2.90 price mark soon. This prediction comes amid little movement in the XRP market after consolidating between $2.25 and $2.50 over the past few days. The altcoin has risen more than 340% since November 5, emerging as one of the market's biggest gainers after the US election. However, XRP, along with cryptocurrency market leader Bitcoin, has seen only modest gains so far in December.
XRP’s path to $2.90
In a December 14th X post, Egrag Crypto shares a price trajectory that could see XRP reach $2.90.
First, the analyst noted that the asset was hovering between $2.27 and $2.50, confirming a market move where the price is gathering momentum for a major breakout upwards. This concept follows previous predictions that if the price drops below $2.27, XRP's decline could be as low as $2.17.
However, Egrag emphasizes that to start an uptrend, it is important for XRP to close above $2.50 on the hourly chart, which should result in a significant price increase. Thereafter, the altcoin is expected to retest $2.60. This suggests that market bulls should initiate high buying activity at this price level to act as a strong support zone that will encourage future price increases.
After a successful retest at $2.60, Egrag predicts that XRP will resume its bullish trajectory and reach a local peak of $2.90, leaving the asset just 24.4% off its all-time high.
XRP Possible 2017 Repeat Predicts New ATH in January
Following the November price surge in XRP, analysts once again asserted that altcoins could reflect the first major bull market in history since 2017.
X analyst Crypto Bull recently backed down on this discourse, stating that if a repeat of the 2017 cycle holds true, XRP could hit a new all-time high just on January 2nd. Ta. Additionally, cryptocurrency analysts predict that the altcoin could trade at $10 on January 15th, 4.16 times the current market price of XRP.
Interestingly, certain XRP enthusiasts, such as X user XRPE_Nomad, expect altcoins to produce better performance than in 2017 based on the increased utility of altcoins and greater regulatory clarity. I'm doing it.
In general, the victory of Donald Trump in the US presidential election, ensuring the replacement of SEC Chairman Gary Gensler, and the possibility of an early conclusion to the legal dispute between the commission and Ripple, is certain. As a result, there is growing optimism about the third-largest cryptocurrency.
At the time of writing, XRP is trading at $2.40, reflecting a 1.18% loss over the past day. Meanwhile, the daily trading volume of the coin, worth $7.48 billion, decreased by 16.67%.
