Popular market analyst Egrag Crypto recently predicted that XRP is poised to reach a price of $2.90* in the near future. This forecast comes as the *XRP market has displayed minimal movement, consolidating between $2.25* and *$2.50** over recent days.
Since the US elections, XRP has demonstrated impressive growth, soaring by over *340%* since November 5. However, in December, both XRP and the market leader Bitcoin have experienced only modest gains.
In a recent post on X dated December 14, Egrag Crypto outlined a potential price trajectory for XRP en route to the $2.90* mark. The analyst pointed out that the asset has consistently oscillated between *$2.27* and *$2.50*, suggesting the market is gathering momentum for a significant upward breakout. This analysis follows an earlier prediction that if *XRP dropped below $2.27*, it might fall further to around *$2.17**.
However, for a bullish trend to develop, Egrag emphasizes that XRP must close above $2.50* on its hourly chart. Achieving this milestone could trigger a substantial price increase. After breaking that barrier, *XRP is expected to retest $2.60*. At this stage, it’s crucial for market bulls to engage in strong buying activity to establish *$2.60** as a solid support level, which would be pivotal for future price advances.
If XRP successfully retests $2.60*, *Egrag anticipates that the altcoin will continue its upward journey, ultimately reaching a local peak of $2.90*. This would leave *XRP just *24.4%* shy of its all-time high.
The optimism surrounding XRP extends beyond just recent price movements. Analysts are drawing parallels between the current market dynamics and XRP’s historic bull run from 2017. One of the prominent voices in this discussion, analyst Crypto Bull, recently suggested that if the 2017 cycle replicates, XRP could achieve a new all-time high by January *2. Furthermore, he forecasts that the altcoin might soar to $10* by *January *15, presenting a remarkable potential *4.16x* return based on its current market price.
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Interestingly, some XRP supporters, such as X user XRPE_Nomad, believe the altcoin could outperform its 2017 performance, citing increased utility and more favorable regulatory clarity as significant factors.
The excitement surrounding XRP is particularly palpable in light of Donald Trump’s victory in the US Presidential elections, which many see as paving the way for the replacement of SEC Chairman Gary Gensler and potentially resolving the ongoing legal disputes between the SEC and Ripple.
As of the latest update, XRP is trading at $2.40*, reflecting a *1.18%* decline in the past day. Additionally, its daily trading volume is valued at *$7.48* billion, which has seen a *16.67%** decrease.
Overall, with the sentiment buoyed by political shifts and the promise of bullish momentum, XRP enthusiasts have much to look forward to as the price approaches the coveted $2.90** target.
