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Ben Armstrong, popularly known as Bitboy, has released a new video discussing the future of XRP. In the video, the renowned crypto analyst delves into a detailed analysis of the potential rise of XRP.
Armstrong shares a prediction by leading crypto chart analyst EGRAG CRYPTO, stating that XRP has the potential to reach $89 in the long term and $1.4 in the short term.
EGRAG CRYPTO’s Recent Bull Analysis
EGRAG CRYPTO’s latest analysis emphasizes the importance of breaking a critical resistance level for XRP to achieve short-term gains. It suggests that if XRP can stay above the Fibonacci 0.5 retracement level, it could experience an upward turn.
The Fibonacci 0.5 is considered a potential turning point, representing a 50% retracement level for an asset. EGRAG CRYPTO shares the belief that this could be a turning point for XRP. The Fibonacci 0.5 retracement level for XRP is at $0.57, and if it can close above that, it could see an increase up to $1.4. EGRAG CRYPTO also provides a comment summarizing four critical levels in XRP’s price, indicating that it is currently in a changing region.
XRP is currently trading at $0.5102, a few steps away from the specified bullish region. A move above $0.5119 could push XRP into the bullish region and bring it closer to the Fibonacci 0.5 retracement level. The end of the bullish region aligns perfectly with the retracement level at $0.5738.
Will XRP Rise?
The $89 prediction is based on another analysis by EGRAG CRYPTO. Ben Armstrong highlights EGRAG CRYPTO’s analysis of XRP’s accumulation zones and price fluctuations in the past. EGRAG CRYPTO’s analysis of an extended accumulation phase for XRP could trigger a surprising rise up to $89.1.
For the price to reach $89.1, XRP would need a staggering increase of 17,363.7% from its current value of $0.5102. EGRAG CRYPTO explains its analysis with the following statement:
The longer the consolidation, the stronger and longer the subsequent breakout.
A 68-month accumulation can be cited as evidence, suggesting that XRP in this stage could be very close to a bull run.
