Bittime - Renowned market analyst and charting expert, EGRAG, predicts a surge in the price of XRP to $107. This prediction is based on historical correlation and the potential for the formation of a hammer candlestick pattern on a 3 month timeframe.
Even though other altcoins are experiencing significant gains in the current bull run, analysts remain optimistic about XRP's potential . This is based on the narrative that this crypto asset tends to experience the last and biggest "pump".
Potential Hammer Formation
One analyst who believes in the potential for XRP price increases is EGRAG. In its latest analysis, EGRAG uses a 3-month timeframe chart to support its bullish view. He refers to historical data and the potential for the formation of a hammer candlestick pattern.
According to EGRAG, the last 3 month candlestick, which opened in January and will close at the end of this month, shows a bullish signal. He explained that XRP has the potential to form a bullish hammer pattern depending on how price movements end this month.
Specifically, this analyst predicts XRP will reach a high of $1.27 before closing the current candle. However, the high of $1.27 is expected to coincide with a strong resistance point located at the upper trendline of the multi-year symmetrical triangle pattern.
XRP Trades in a Symmetrical Triangle
Data from the EGRAG chart shows that XRP has been trading in this symmetrical triangle pattern since the price hit a record high of $3.31 in January 2018. Interestingly,
However, after the breakout in Q1 2017, XRP experienced a dramatic price increase, surpassing the blue line depicting its price increase. EGRAG now displays a similar reference line, this time in green. According to him, if XRP follows this green line as happened with the previous blue line, then this crypto asset can reach a significant price target.
If this green line scenario materializes, EGRAG has identified several important price targets. He predicts XRP will reach a high of $7.5 before hitting double-digit prices at $11. However, this analyst believes that XRP can achieve a more substantial target, projecting a rise to $27.
If XRP manages to break through the $27 price level, EGRAG sees potential upside towards triple-digit prices at $107.3. Meanwhile, amidst the latest market correction, XRP has broken through sub-$0.60 levels and is currently trading at $0.5960. XRP would need to surge 17,903% from this level to reach $107.3.
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XRP/IDR Price Today
Source: Bittime.com
On March 7, 2024, the price of XRP (XRP) / IDR was at the level of IDR 9,800 per coin, up 2.11% in 24 hours and 5% in the past week.
Also Read: CryptoPunk Sells for $16 Million: The Era of NFT Markets is Back?
BTC/IDR Price Today
Source: Bittime.com
On March 7, 2024, the price of BTC (Bitcoin) / IDR was at IDR 1,043,267,320 per coin, up 3.89% in 24 hours and 5.10% in the past week.
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Conclusion
While EGRAG's predictions are ambitious, XRP's dramatic past surge shows its potential to achieve these targets. However, it is important to note that these predictions are based on technical analysis and are not an exact guarantee of future price movements. Investors should always conduct independent research before making an investment decision.
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime .
Monitor price chart movements for Bitcoin (BTC ) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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