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XRP Price Will Explode 1,700% in 10 Days If THIS Happens, Expert Predicts
Can XRP defy all odds and rise by 1,700% in just one week?
Ripple (XRP), currently the sixth largest cryptocurrency by market capitalization, aims to breach the $1 mark again despite legal uncertainties in the unpredictable crypto market. Today, XRP saw a moderate rise of 1.91%, closing at $0.4985, during a session marked by tense trading conditions.
Despite these challenges, crypto expert Egrag Crypto predicts a potential surge in XRP, forecasting an impressive 1,700% increase in the coming week.
Optimistic predictions: XRP could rise by 1,700%?
Egrag Crypto grabbed attention with a bold prediction suggesting that XRP could skyrocket 1,700% if it manages to close above the crucial $0.55 to $0.58 price range in the Next 10 days. This optimism is based on Egrag’s observation of an uptrend of “hammer candles forming” in XRP’s three-month chart. Similar trends in the past have often led to significant price increases in the cryptocurrency market, drawing comparisons to the uptrends seen in 2016 and 2017.
According to the analyst, the current candle formation on the XRP chart indicates the potential for significant price growth. Egrag Crypto pointed out that new investors might underestimate XRP’s potential due to its recent performance, ignoring the seven years of development and dedication behind the cryptocurrency.
Understanding Market Sentiment
Although the XRP community welcomes Egra Crypto’s positive forecast, market sentiment remains mixed. Data from Coinglass shows a slight 0.55% increase in XRP’s open interest (OI), reaching $564.05 million, indicating renewed interest in the asset. However, there was a notable 43.23% decline in derivatives volume to $925.11 million, reflecting divergent market opinions and cautious trading behaviors.
XRP’s Relative Strength Index (RSI) currently stands at around 47, indicating overall neutral sentiment. This uncertainty suggests that investors are unsure whether the recent price movement will maintain bullish momentum or lead to a correction.
After that ?
Looking ahead, Ripple CEO Brad Garlinghouse is optimistic about the potential launch of an XRP exchange-traded fund (ETF) in the near future. Garlinghouse believes such a move could attract significant institutional investors, potentially boosting The price of XRP and support Egrag Crypto’s optimistic outlook.
The latest predictions and price movements around XRP have sparked excitement and caution within the cryptocurrency community. XRP’s ability to achieve the predicted 1,700% surge depends on its performance relative to critical price levels in the coming days.
Investors are encouraged to stay informed and develop a well-researched strategy when navigating the market.
Read also: Bitcoin Dominance Declines as XRP Signals Rebound: Here’s What to Expect