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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Mid-Term XRP Price Targets Revealed By Crypto Analyst

Jake Simmons
Jake Simmons
1 year ago
3 mins read
XRP Price targets mid-term

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Egrag, a crypto analyst, today presented his medium-term predictions for the XRP price on X (formerly Twitter). He backed up his projections with the 3-day chart and pointed out several potential price points that investors should watch out for.

Analysis Of The 3-Day Chart XRP/USD

Egrag’s chart, based on Binance’s 3-day XRP/USDT pair, suggests that XRP is currently in the midst of a crucial breakout retest phase. He emphasized the current market dynamics by saying, “What’s happening right now is merely a retest of the breakout; the true pump is still on the horizon, and it’s bound to be epic!”

The analyst highlighted XRP’s triumphant rally from mid-July, which surpassed his original target of $0.85 and rose to a commendable $0.93, surpassing the original price target by 9.41%. Egrag’s 3-day chart shows a descending trend line, which the analyst calls the “Final Wake Up Line.”

According to him, the breakout above the trend line on July 13 after the summary judgment in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) was the final wake-up call for investors who were still waiting on the sidelines.

XRP price prediction
XRP price predictions mid-term | Source: X @egragcrypto

Currently, the XRP price sits at around $0.52. As the analyst shows in the chart, XRP has experienced a retest of the trend line and passed it with flying colors. In particular, Egrag also points out that XRP was able to stay above the 0.236 Fibonacci retracement level at $0.4534.

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This laid the foundation for the XRP price to enter bullish territory at this point. However, the price still faces the resistance zone between $0.55 and $0.60, which Egrag calls the “backbone junction”. Noteworthy is that the upper end of the price range coincides with the 0.382 Fibonacci retracement level. Exceeding this resistance is crucial, especially because it has provided strong resistance several times in the past.

Once this is accomplished, Egrag’s medium-term XRP price targets will come into focus. As explained, he has made an adjustment to his price targets as a result of the July increase. Due to the 9.41%-higher July rise compared to his original price target, Egrag now expects XRP to rise to $1.10 (instead of $1) in an initial rally.

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Egrag has also raised the $5.5 price target to around $6, and the previous $6.4 benchmark has been recalibrated to nearly $7. He stated:

So, if we apply this same percentage increase to our upcoming targets, here’s what we can look forward to:

A) $1 * 9.41% = Approximately $1.10

B) $5.5 * 9.41% = Roughly $6

C) $6.4 * 9.41% = About $7

Lower Price Targets

Egrag’s analysis is based on several Fibonacci levels and shows potential resistance points. These are the Fibonacci 0.5 ($0.7528), 0.618 ($0.9442), 0.702 ($1.1095), 0.786 ($1.3038), 1 ($1.9664), and the Fibonacci extension levels at 1.272 ($3.3153), 1.414 ($4.3546), and 1.618 ($6.4420).

Overall, the analysis suggests that XRP’s upward momentum is likely to continue and build on its recent successes. The recent rise in price above the analyst’s lower target suggests robust upside sentiment in the market. However, investors should remain keenly aware of the crypto market’s inherent unpredictable nature and exercise due diligence at all times.

Egrag ended his tweet on an encouraging note for the community, “XRP Army STAY STEADY, We’re advancing step by step towards our exciting targets.”

At press time, XRP traded at $0.5291.

XRP price
XRP trades above the 200D EMA again, 1-day chart | Source: XRPUSD on TradingView.com
Featured image from Shutterstock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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