XRP Could Be Poised For A Major Move: Historical Patterns Hint At A Blow-Off Top Above $50
January 22 2025 - 5:00AM
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As XRP, currently the third-largest cryptocurrency by market
capitalization, navigates recent fluctuations, analysts and market
experts are optimistic about its potential for significant price
growth. After experiencing a brief dip toward $2.83 over the
weekend, following an unsuccessful attempt to breach its all-time
high of $3.40 set seven years ago, the sentiment surrounding XRP
remains bullish. Market Expert Foresees XRP Propelling To $53 In a
recent post on X (formerly Twitter), market expert and technical
analyst Egrag Crypto shared encouraging price targets for XRP
investors, suggesting that historical price patterns indicate a
possible blow-off top that could drive the token into double-digit
territory. Egrag highlighted three historical blow-off tops,
demonstrating impressive percentage increases that XRP has
experienced in the past: one saw a rise of 1,068%, another 2,636%,
and a third recorded an increase of 406%. Related Reading:
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Extend Token Sales By analyzing these surges alongside corrective
phases, Egrag Crypto formulated potential price targets for the
next blow-off top for the altcoin, suggesting levels of $53, $32,
and $9.70, all of them surpassing by clear difference the tokne’s
current record peak. Egrag previously noted the importance of a
critical price range between $4 and $5, indicating that once XRP
reaches approximately $4.40, it will enter a “powerful energy
field” that could significantly propel prices higher. The
analyst emphasized that traders should closely monitor price
action, candle formations, and oscillator behaviors in this range
to determine whether the market is poised for a substantial rally
or facing a potential correction. Despite the optimistic outlook,
Egrag urged caution, stating, “I’m still feeling #BULLISHAF, but
it’s crucial to remain level-headed when trading and investing,
especially with #XRP.” He expressed concern that market
dynamics might be encouraging retail investors to exit, which could
be a strategy to enable the emergence of two-digit prices. Aiming
For A 40% Surge Amid Impressive Monthly Performance Supporting this
bullish sentiment, market analyst Ali Martinez has also weighed in
on XRP’s trajectory, noting that the cryptocurrency has recently
broken out of a bullish flag and is now targeting the $4.40 mark.
Related Reading: Is It Time To Give Up On Ethereum Below $4,000?
Analyst Weighs The Facts This indicates a near-term uptrend of
nearly 40% for the altcoin, complementing its impressive monthly
performance, which has already seen a surge of 43%. However,
despite these positive figures, XRP is currently trading at $3.16,
still 7.2% below its all-time high. The price levels of $3.35
and $3.40 have proven to be significant hurdles for the altcoin,
representing crucial barriers that must be overcome to initiate a
price discovery phase. On the downside, the token has established a
significant price support range between $2.70 and $2.80 over the
past week. This area has become a notable buying zone for investors
anticipating further price increases. Featured image from DALL-E,
chart from TradingView.com
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