XRP went through a consolidation period in the last week of November, but fundamentals and price action show the crypto is primed for a breakout. According to a prominent crypto analyst, XRP is in the perfect position based on its previous price action for an epic rally that could send the price up to $10 or even $50.
Crypto Analyst EGRAG Predicts Major XRP Price Rally To $10 Or $50
Fasten your seatbelts because according to one of the crypto industry’s top analysts, we could see XRP shoot past its all-time high. Crypto analyst EGRAG made this prediction on social media by looking at past actions on the XRP price chart on the monthly timeframe to emphasize the importance of candle formations.
XRP has been on a rollercoaster ride since it received some sort of regulatory clarity in the US after Ripple’s partial victory in court against the SEC in July. The crypto went on a few price spikes, became listed on many US-based crypto exchanges, and has maintained steady price increases since July.
Amidst all these, data from XRP’s price action shows that the crypto has recently formed green candles on the monthly frame. According to EGRAG crypto, this has only happened twice in XRP’s history, with the crypto going on a strong price spike in both cases. If history is any indication, we could see two different scenarios play out from here.
In the first scenario, XRP could mirror its action in 2016. Interestingly, the crypto went on a consolidation for 12 months after the formation of three bullish candles before going on an 8000% to $0.40562. If this repeats itself, we could see XRP go through a similar consolidation period before skyrocketing to $50 starting on November 1st, 2024.
In the second scenario, XRP went on a 5-month consolidation phase after the formation of three bullish candles. After this, the token went on a 1500% surge to reach its current all-time high of $3.026. A repeat of this scenario could see XRP surge to $10 starting from April 1st, 2024.
#XRP‘s 3 Candle Formation: $10 or Soar to $50? 🚀
Exploring candle formations offers profound insights into how prices move. #XRP‘s historical data highlights a fascinating trend: just twice has there been a sequence of 3 consecutive monthly Green Candles. Get ready—within the… pic.twitter.com/TcKVbR2pWo
— EGRAG CRYPTO (@egragcrypto) November 30, 2023
XRP market cap currently at $33.07 billion on the daily chart: TradingView.com
What’s Next For XRP?
The formation of three successive green candles close on the monthly timeframe shows the current bullish sentiment around XRP. The asset confirmed the latest bullish candle after closing at $0.60634 on November 30th, on the heel of a 1% gain in a 30-day timeframe. Although risky, this is the best period to catch this move early and ride the wave to $10 or $50 per XRP token, as it’s unclear the number of months the crypto will consolidate first.
XRP is trading at $0.6138 at the time of writing. Despite being the 5th largest crypto by market cap, many analysts believe that the crypto is underpriced. According to EGRAG, XRP could mostly trade between a $0.7 to $0.54 range for December. A close above $0.93 would suggest the end of the current accumulation phase.
#XRP 2 Days (Monthly Close) Analysis:📉🕯️
Observing the #Bearish formations atop or at peaks:
A) Hanging Man 🧍♂️B) Shooting Star 🔫🌟C) Gravestone 💀D) Long-legged 🕴️
Historical data strongly indicates that these candle formations on the Monthly Time Frame often precede… https://t.co/EfzWOSMtEw pic.twitter.com/RUJJZJcVv2
— EGRAG CRYPTO (@egragcrypto) December 1, 2023
Featured image from Shutterstock
