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Home»EXCHANGE NEWS»Cryptocurrency analysts are very bullish on the price of XRP and are setting multiple price targets.
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Cryptocurrency analysts are very bullish on the price of XRP and are setting multiple price targets.

By Crypto FlexsFebruary 24, 20243 Mins Read
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Cryptocurrency analysts are very bullish on the price of XRP and are setting multiple price targets.
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Cryptocurrency analysts are currently optimistic about the price trajectory of XRP over the next few months and are setting various price targets, with some targets being more optimistic than others. Like most top cryptocurrencies, XRP always follows analyst price predictions as the entire cryptocurrency market continues to anticipate the resumption of cryptocurrencies. Rally across markets.

As a result, social media experts are calling for a rather rough price target for XRP if the bull market restarts. Other market factors, e.g. XRP ETFWe will also participate in pursuing price rallies.

Crypto analysts remain bullish on XRP despite price consolidation

XRP has been declining in price since the beginning of this year. As of this writing, XRP price is trading at $0.5375, down 14% from the $0.625 level in early January. Especially recent price movements There was a sharp increase from early February As the wider cryptocurrency market flows into led by bitcoin. As a result, XRP rose to the $0.57 price level on February 15th.

Despite continuous integration and sluggish price action, crypto analyst EGRAG CRYPTO predicted a $1.4 XRP price target for the next few months. The analyst, known for his strong and positive stance on XRP, made this prediction while looking at wicking, range correction, consolidation, and bullish phases for XRP.

According to Color-coded price chart EGRAG shared on social media that XRP is currently in the wicking stage. XRP recently closed above the long-term support level of $0.5141, at the top of the red flag stage. As a result, we could see XRP enter a bullish phase over the next few months, hitting $1.4.

It is worth noting that the $1.4 price range is consistent with the $0.3536 to 1.618 Fib extension. EGRAG has stated in the past that if XRP reaches $1.4, it would set the stage for a rise to $5.

Another cryptocurrency analyst, Dark Defender, used a wave strategy to predict various bullish price points. According to social media post, XRP may continue its current downtrend until it reaches the end of the wave 2 correction between $0.5198 and $0.5066. Subsequent wave 3, 4, and 5 formations will see XRP break above $0.6649, $0.7707, and $0.9191.

Analyst Dr. Profit too pointed out the potential Inflows into XRP will increase over the next 30-60 days. The analyst called XRP “the next shining bull” and revealed that he recently bought 500,000 units.

A popular Bitcoin day trader recently revealed in a bullish tone that his father sold his house for $800,000 and allocated the proceeds to buying XRP. This may seem very bold and unbelievable, but it highlights the enormous optimism among some XRP investors.

XRP rises to $0.53 | Source: XRPUSD on Tradingview.com

Featured image from CryptoRankl, chart from Tradingview.com

Disclaimer: This article is provided for educational purposes only. This does not represent NewsBTC’s opinion on whether to buy, sell or hold any investment, and of course investing carries risks. We recommend that you do your own research before making any investment decisions. Your use of the information provided on this website is entirely at your own risk.

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