Ripple (XRP) is on the verge of a significant price surge, according to renowned analyst EGRAG Crypto. In a recent tweet, the analyst shared insights into XRP’s potential trajectory, forecasting a target of $1.2 and emphasizing the importance of the 21-week Exponential Moving Average (EMA) as a pivotal mean value for the XRP/BTC trading pair.
The 21-week EMA plays a crucial role in the XRP/BTC trading pair, as highlighted in EGRAG Crypto’s tweet. This key indicator serves as a point of convergence for the price, even amidst market volatility. The analyst notes that whether during pumps and dumps or regular market movements, price action often gravitates back towards the 21-week EMA.
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Currently, the price level for the 21-week EMA stands at 0.000012 BTC, with Bitcoin (BTC) trading at approximately $70,000. For Ripple (XRP), this translates to a price of around $0.84, which EGRAG Crypto identifies as a significant resistance level on the XRP/USD charts.
The Path to $1.2: Ascending Triangle and XRP Price Targets
Looking ahead, EGRAG Crypto suggests that if the XRP/BTC trading pair continues its upward trajectory, the top end of the descending triangle sits around 0.000017 BTC. This level corresponds to a potential XRP/USD price of $1.2, a target that holds substantial importance within the XRP/USD charts.
The $1.2 target represents a significant milestone for XRP, and its achievement could further bolster confidence in the cryptocurrency’s long-term prospects.
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In light of the potential price surge, EGRAG Crypto advises the XRP Army to “STAY STEADY” and emphasizes that $0.85 and $1.2 are on the horizon. The analyst encourages XRP enthusiasts to accumulate as much of the cryptocurrency as possible while its price remains below $1.
While EGRAG Crypto’s analysis paints a bullish picture for XRP’s future, it is essential for investors and traders to approach the market with caution. The cryptocurrency space is known for its volatility, and even the most promising projects can experience sudden price fluctuations.