Historical Patterns Hint At A Blow-Off Top Above $50

Historical Patterns Hint At A Blow-Off Top Above $50

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This article is also available in Spanish.

As XRP, currently the third-largest cryptocurrency by market cap, weathers recent volatility, analysts and market experts are optimistic about its potential for significant price growth.

After seeing a brief drop towards $2.83 over the weekend, after a failed attempt to break the support level. Highest level ever At $3.40 set seven years ago, sentiment surrounding XRP remains bullish.

The market expert predicts that the price of XRP will rise to $53

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Igrag highlighted three historical peaks, demonstrating the incredible increases that XRP has seen in the past: one saw a 1,068% rise, another a 2,636% increase, and a third recorded a 406% increase.

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By analyzing these increases along with corrective phases, Egrag Crypto has formulated potential price targets for the next price explosive top. Alternative currencyindicating levels of $53, $32, and $9.70, all of which are clearly beyond the token’s current record peak.

Igraj has previously pointed out the importance of the critical price range between $4 and $5, Indicating That once XRP reaches around $4.40, it will enter a “strong energy field” that could push prices significantly higher.

The analyst stressed that traders should closely monitor price action, candle formations and oscillator behaviors in this range to determine whether the market is ready for a significant rally or facing a potential correction.

Despite the optimistic outlook, Igrag urged caution, saying: “I still feel #BULLISHAF, but it’s important to stay balanced when trading and investing, especially with #XRP.”

He expressed his concern about this Market dynamics Retail investors may be encouraged to exit, which could be a strategy to enable double-digit prices to emerge.

We are targeting a 40% increase amid an impressive monthly performance

To support this bullish sentiment, market analyst Ali Martinez also assessed XRP’s trajectory, Pointing The cryptocurrency recently broke through the bullish flag and is now targeting the $4.40 mark.

Bullish flag breakout for XRP on 2-hour chart. source: Ali on x

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This indicates a near-term upside of approximately 40% for the altcoin, complementing its impressive performance Monthly performancewhich has already seen a 43% rise. However, despite these positive numbers, XRP is currently trading at $3.16, still 7.2% below its all-time high.

The $3.35 and $3.40 price levels have proven to be significant hurdles for altcoins, representing crucial barriers to overcome to initiate the price discovery phase.

On the downside, the token established a significant price support range between $2.70 and $2.80 over the past week. This area has become a prominent buying zone for investors anticipating further price increases.

XRP
The 1D chart shows the XRP price recovery. source: XRPUSDT on TradingView.com

Featured image of DALL-E, chart from TradingView.com

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