XRP supporters are thrilled after market analyst EGRAG forecasted an impressive 888% surge in the cryptocurrency’s value. This enthusiasm isn’t merely hopeful speculation; it stems from trends observed on XRP’s one-month chart, which reflect the cryptocurrency’s explosive growth in 2017. As XRP endeavors to reclaim its previous highs, many traders are questioning whether this could signify the start of another bull run.
EGRAG’s chart analysis indicates that XRP nearly touched the red rising support line on four separate occasions. This pattern mirrors the price movements experienced by the currency during the 2017 bull run, as XRP soared from $0.003 to a remarkable $3.31 in January 2018. The recurrence of this pattern suggests that XRP might be on the verge of a similar trajectory.
#XRP 888.88% – The Secret Behind the 8’s 
:
Check out the chart below 
— it’s showcasing a key pattern indicating #XRP is mimicking the chart behaviors from 2017! 
Back then, the Red Ascending Support Line was touched 4 times before igniting the legendary 2017 #BullRun. 
… pic.twitter.com/dXPeZisHmA
— EGRAG CRYPTO (@egragcrypto) September 27, 2024
Breaking Through Key Resistance Levels
What could propel XRP to such an ascent? According to EGRAG, the initial significant resistance is the all-time high of $3.31. He believes that reclaiming this price will set the stage for a rally.
Interestingly, EGRAG suggests that achieving just 20% of the gains seen in 2017 could open the floodgates for another rise, aligning with the pivotal Fibonacci extension level of $31.
If it does break through to $31, it will reflect the current market sentiment and could potentially attract more investors. Historical data indicates that during previous bull runs, significant price milestones heavily influenced market psychology. The climb from $0.003 to $3.31 was fueled not only by numbers but also by the belief that XRP would transform the entire crypto landscape.
XRP Price Forecast
Moreover, recent forecasts from CoinCodex add layers of positivity to this perspective. The crypto price prediction platform has projected a potential increase in XRP by 19.78% by October 28, 2024, with a possible peak of $0.71033.
This optimism is attributed to a bullish market sentiment, as indicated by a Fear & Greed Index at 64, signifying investor greed. A greed rating often catalyzes price surges, presenting a compelling opportunity for prospective buyers to engage.
Throughout the month, XRP has logged 16 out of 30 days in the green, equating to a positive rate of 53%. Given the low price volatility at 3.73%, these statistics offer a promising outlook for traders eager to profit during potential breakouts. Enthusiasm is high, and traders are keenly monitoring crucial resistance levels that are likely to serve as significant obstacles ahead.
Featured image from Fortune, chart from TradingView
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