Rally

The most recent XRP price prediction by crypto market analyst Egrag Crypto appears to have echoed a frenzy across the broader market. In a post shared on X today, the analyst spotlighted a potential 1700% price rally looming for XRP ahead. Despite the Ripple-backed crypto’s sluggish performance, the analyst’s retained bullishness on XRP has fueled a speculative fire on future price movements. 
Here’s a breakdown of the analyst’s remarks on XRP and the vital level it needs to close to attain a 1700% pump. 
<h2 id="egrag-spotlights-bullish-candle-formation">Egrag Spotlights Bullish Candle Formation</h2> 
According to Egrag, the Ripple-backed asset’s 3-month time frame has portrayed a “hammer candle formation,” a highly bullish pattern. The analyst strongly believes that a <a href="https://coingape.com/glossary/bull-market/" target="_blank" rel="noopener">bull run</a> awaits, citing historical data, particularly from April-June 2016 and July-September 2017. 
<img decoding="async" class="aligncenter wp-image-203321" src="https://coingape.com/wp-content/uploads/2024/06/Egrag-on-XRP-price.png" alt="Egrag on XRP price" width="549" height="238" srcset="https://coingape.com/wp-content/uploads/2024/06/Egrag-on-XRP-price.png 1481w, https://coingape.com/wp-content/uploads/2024/06/Egrag-on-XRP-price-300x130.png 300w, https://coingape.com/wp-content/uploads/2024/06/Egrag-on-XRP-price-1224x531.png 1224w, https://coingape.com/wp-content/uploads/2024/06/Egrag-on-XRP-price-768x333.png 768w, https://coingape.com/wp-content/uploads/2024/06/Egrag-on-XRP-price-150x65.png 150w" sizes="(max-width: 549px) 100vw, 549px"> 
Gauging in on the current situation, Egrag quotes that XRP needs to close above the price range of $0.55 to $0.58 in the coming ten days, presumably when the next 3-month time frame ends. If this happens, the analyst predicts a “perfect hammer formation,” paving the road for a “mega pump” for XRP. 
Moreover, if the pattern formation mirrors ‘hammer 2,’ a significant pump of around 1700% could be in the cards, according to Egrag. However, if XRP follows the ‘hammer 1’ pattern, traders and investors might be in for a staggering 5500% pump after a six-month waiting period. 
<img decoding="async" class="aligncenter wp-image-203322" src="https://coingape.com/wp-content/uploads/2024/06/If-XRP-Price-Mirrors-Hammer-2.png" alt="If XRP Price Mirrors Hammer 2" width="567" height="248" srcset="https://coingape.com/wp-content/uploads/2024/06/If-XRP-Price-Mirrors-Hammer-2.png 1467w, https://coingape.com/wp-content/uploads/2024/06/If-XRP-Price-Mirrors-Hammer-2-300x131.png 300w, https://coingape.com/wp-content/uploads/2024/06/If-XRP-Price-Mirrors-Hammer-2-1224x536.png 1224w, https://coingape.com/wp-content/uploads/2024/06/If-XRP-Price-Mirrors-Hammer-2-768x336.png 768w, https://coingape.com/wp-content/uploads/2024/06/If-XRP-Price-Mirrors-Hammer-2-150x66.png 150w" sizes="(max-width: 567px) 100vw, 567px"> 
Although, it’s worth remembering that XRP has yet to achieve its wave three target of $1, which the same analyst predicted to be in April. Nonetheless, the crypto community continues to eye the digital asset. 
Also Read: <a href="https://coingape.com/heres-why-ai-coins-near-rndr-others-are-rising-today/" target="_blank" rel="noopener">Here’s Why AI Coins NEAR, RNDR, &amp; Others Are Rising Today</a> 
<h2 id="xrp-price-soars">XRP Price Soars</h2> 
Simultaneously, <a href="https://coingape.com/price/xrp/" target="_blank" rel="noopener">XRP price</a> noted an uptick of 1.91% to reach $0.4985 today. The token’s 24-hour bottoms and peaks are $0.488 and $0.5002. 
Coinglass data shows a slight 0.55% surge in <a rel="nofollow" href="https://www.coinglass.com/currencies/XRP" target="_blank">XRP OI</a> to $564.05 million, aligning with the price pump. However, the derivatives volume dipped 43.23% to $925.11 million, stirring contrasting sentiments. 
Also, the RSI moved around 47, hinting at broader market neutrality for the asset. This hints that a potential takeover by bulls or bears looms for XRP. 
It’s worth mentioning that Ripple’s CEO Brad Garlinghouse appears to be optimistic about an <a href="https://coingape.com/markets/xrp-price-renews-push-to-1-as-ripples-brad-garlinghouse-sets-sight-on-xrp-etf/" target="_blank" rel="noopener">XRP ETF</a> ahead, which could further fuel gains in the asset. On the other hand, the analyst’s price prediction remains in question at the moment. 
Also Read: <a href="https://coingape.com/trending/4-meme-coins-with-high-gains-you-are-missing-on-right-now/" target="_blank" rel="noopener">4 Meme Coins With High Gains You Are Missing On Right Now</a> 
The post <a href="https://coingape.com/xrp-price-to-rally-1700-if-it-closes-at-this-level/">XRP Price To Rally 1700% If It Closes At This Level</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

XRP Price To Rally 1700% If It Closes At This Level

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