An analysis in the crypto space has projected a substantial price breakout for XRP, setting a target as high as $7.5, even as the cryptocurrency is currently trading below $1. Achieving this forecast would establish new record highs for XRP, potentially putting an end to its extended downward trend.
XRP’s Path to $7.5 Target
A crypto analyst known as ‘Egrag Crypto’ recently shared optimistic forecasts for the XRP price, suggesting a potential surge to $7.5 before 2025. The analyst believes that XRP is positioned to surpass the “White Triangle” pattern and reach a measured move at $1.5, initiating a strong upward momentum. Highlighting a unique triangle pattern on a price chart spanning from 2020 to 2026, ‘Egrag Crypto’ emphasized a crucial Fibonacci 1.618 zone ranging between $6.5 and $7.5.
According to the analyst, this Fibonacci 1.618 zone represents a significant resistance area, signaling a prime profit-taking opportunity for investors. While the idea of new all-time highs may appear unlikely to many XRP followers due to the cryptocurrency’s prolonged price stagnation, ‘Egrag Crypto’s bullish projection offers hope for potential price growth, urging XRP enthusiasts to remain patient and firm.
The analyst also forecasted a rise to mid-double digits for XRP if the cryptocurrency consistently closes above the Fibonacci 1.618 level weekly, potentially leading to a price target between $25 and $45 based on Fibonacci 2.414 and 2.618 levels.
XRP Price Performance Update
Despite the positive outlook from ‘Egrag Crypto,’ XRP’s price has continued on a downward trend, experiencing a 2.15% decrease in the past 24 hours. The cryptocurrency has been fluctuating around the $0.5 price level for a considerable time, briefly touching $0.6 earlier this year amidst reduced volatility in the crypto market.
Presently, XRP is trading below $0.5, witnessing a consistent decline from the previous month. With the current price sitting at $0.48, XRP has marked a notable 6.61% drop in value over the last week, based on CoinMarketCap data.
Despite the bearish performance, XRP’s trading volume has surged significantly, showing an 80.02% increase in the 24-hour trading volume, indicating sustained interest and demand among crypto traders and investors.
