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XRP Bulls on Alert as Analyst Signals Bullish Momentum, Targets $2 and Beyond

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Sun, 10/12/2023 - 12:24
XRP Bulls on Alert as Analyst Signals Bullish Momentum, Targets $2 and Beyond
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In a recent tweet that sent ripples through the crypto community, prominent analyst EGRAG CRYPTO shared an optimistic outlook for XRP, indicating potential bullish momentum that could propel the digital asset to new heights. According to the analyst, XRP enthusiasts should keep a keen eye on the charts, particularly the monthly time frame, where a crucial threshold has yet to be breached.

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The analyst noted that XRP had not managed to close a monthly candle above $1.2 yet, pointing out the existence of body candles but emphasizing the absence of a full-body candle. He conveyed the belief that when XRP eventually achieves a monthly candle close with a full body above $1.2, it will lead to a significant surge to $2.

Expressing confidence and conviction, EGRAG CRYPTO predicted that reaching $2 would trigger a massive FOMO (fear of missing out) in the market. For the current price levels, the analyst's XRP price prediction hints at a potential turnaround for the coin, with eyes set on the $2 mark and beyond.

XRP price movements

Despite the current XRP price standing at $0.6528, representing a 4.32% decrease in the last 24 hours, it has seen a noteworthy 5.17% increase in the past seven days. The current trade setup suggests that XRP is in the midst of a parabolic recovery, approaching a critical neckline. Analysts like EGRAG CRYPTO believe that a slight push from current levels could set the stage for this anticipated surge.

XRP Daily Chart
XRP price chart — TradingView

Examining the daily time frame, the XRP price is nearing the completion of a "cup and handle" pattern. The relative strength index (RSI) has reached the upper resistance, and the moving average convergence divergence (MACD) indicates mounting buying pressure. This combination suggests a bullish sentiment, with expectations of a positive weekly trade closure.

With the end of the year approaching, an anticipated rise in trading volume could further boost the XRP price. The growing optimism within the XRP army might contribute to a substantial influx of buying volume, potentially pushing the price toward the $0.74 and $0.8 targets by the close of 2023.

Looking ahead, the XRP price is speculated to head toward the next target at $0.94, paving the way for a breakthrough beyond the $1 milestone in the early days of 2024. The crypto community eagerly awaits these potential developments, anticipating a resurgence in XRP's market performance in the coming months.

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