XRP, the cryptocurrency associated with Ripple, has initiated what could be a historic rally, according to prominent crypto analyst EGRAG, who has set an ambitious target of $7 for the digital asset.
EGRAG’s analysis delves into XRP’s movements on the monthly chart, revealing that the cryptocurrency has been steadily advancing since its lows in June. In EGRAG’s words, “the train has officially left the station and is on its way to Valhalla.”
However, the analyst also acknowledges the possibility of a temporary dip, with XRP potentially falling within the $0.40 to $0.33 range. Remarkably, this range aligns with a trendline referred to as Rail A, which EGRAG had previously highlighted as a potential level for XRP.
Despite the prospect of a drop, EGRAG remains steadfast and employs a dollar-cost averaging strategy to stay composed. He exudes confidence that XRP will eventually break free from this range and embark on a trajectory to new all-time highs.
EGRAG identifies specific price targets as XRP ascends. The first crucial milestones are set at $0.80 and $1.3 once the asset breaks out of Rail A. The successful conquering of the $0.80 resistance represents the initial significant step, followed by the second key resistance at $1.3.
The real excitement, however, kicks in when XRP breaches the $1.3 resistance. EGRAG envisions a scenario where XRP soars to Rail B, a trendline positioned above Rail A. Here, the price projections become even more astonishing.
EGRAG suggests that XRP could potentially reach levels as high as $2.8, $5.5, or even a remarkable $6 to $7. These projections imply monumental gains for investors, particularly the $7 target, which would necessitate a staggering 1,300% increase from its current price.
When asked about the timeline for these predictions, EGRAG emphasized the inherent uncertainty surrounding such forecasts.
Against this backdrop of EGRAG’s bullish analysis, XRP has managed to reclaim the $0.50 threshold, currently trading at $0.5005. This follows a recent dip to the $0.4590 support on September 11. XRP has demonstrated four consecutive days of gains since then.
In the short term, XRP aims to recover the losses incurred on September 10 and 11. Over the past week, the asset experienced a modest 0.95% decline but has maintained a commendable 3.74% gain over the last three months.
As XRP charts its course, investors and enthusiasts will be closely monitoring its movements, with EGRAG’s ambitious predictions adding an extra layer of excitement and anticipation to the cryptocurrency’s journey.