XRP Price Prediction: Egrag Crypto Projects a Potential Rally Between $15 and $17

Egrag Crypto, a market analyst, has projected that Ripple (XRP) could see a price rally between $15 and $17.

Key Insights:

Egrag Crypto, a market analyst, has projected that Ripple (XRP) could see a price rally between $15 and $17. The prediction was based on a bullish pennant formation, which remains intact despite recent price corrections.

The XRP price target of $15 applies to the conservative model using pennant points at the bottom. At the same time, $17 is the normal measure based on pennant points at the top.

Egrag Crypto advised investors to maintain caution since the token needs to cross $3.40 before investors can celebrate.

#XRP – The Bounce Off is Real! ($15-$17): 🔷The Bullish Pennant formation remains intact! 👍🔷Conservative Target: Measure the pole leg from the lower end of the pennant—this brings us to $15. 🎯🔷Normal Measured Move: Measure the pole leg from the top of the pennant,… pic.twitter.com/XYul2LfyL9

The technical analysis highlighted the yellow line, which supports XRP price since traders maintain their respect for its position. Market participants perceived this price point as vital. Any fall beneath it might trigger bearish signals after the line functioned as previous support.

Per Egrag Crypto analysis, the current support level was critical because a breach might undo the upward trend XRP establishes.

XRP Market Performance and Price Action

The token was trading at $2.79 at press time, with a 1.60% increase in the last 24 hours. The market capitalization stood at $161.15 Billion, with a 24-hour trading volume of $7.29 Billion.

It has a circulating supply of 57.81 billion coins out of a maximum supply of 100 billion. Immediate resistance is seen at $3.00, with stronger resistance at $3.3170, while support lies at $2.50.

Technical indicators suggested a potential bullish reversal. The Relative Strength Index (RSI) was at 56.14, rising from oversold levels and indicating increasing buying pressure.

The RSI crossing above its signal line further reinforced this bullish mood. MACD indicator’s green histogram and MACD line crossing over the signal line indicated a decrease in negative momentum.

A golden cross formation occurred in mid-November 2024 when the 50-day moving average crossed above the 200-day moving average. This event began a bullish run that saw XRP price surge from around $0.40 to over $3.00 by early December.

Despite a correction phase in late January, XRP attempted a recovery. It traded above the 50-day moving average and slightly above the 200-day moving average. This further indicated a possible continuation of bullish momentum.

Market Reactions and Ongoing Discussions

Tony Edward from the Thinking Crypto Podcast commented on the ongoing criticism of the token. He suggested that some critics were struggling due to the absence of regulatory figures who had previously influenced the market.

Edward stated that critics did not know how to respond to XRP price performance. He also claimed that the coin had its detractors expressing their frustration with X.

These haters don't know what to do anymore. $XRP has them crying non-stop on X, they don't believe in the free markets. This clown selkis is a hypocrite, he is struggling because there is no Jay Clayton or Bill Hinman to rig things this time around. pic.twitter.com/R7P45af96g

Messari founder Ryan Selkis voiced his worries about the large market capitalization of XRP and Ripple’s massive token ownership. According to Selkis, the market value of XRP amounts to $158 Billion, and Ripple owns more than $100 Billion in tokens.

This, he views as a distinct potential risk. Digital assets face two main obstacles, according to Selkis, which are regulatory conflicts and the mounting popularity of stablecoins.

I know sometimes I go to my creative, angry happy place at night and my detractors are very upset and scoff and think I’m unhinged vs strategic.I continue to thrive on unorthodoxy.But I just want to follow up on something important re Ripple.1. XRP’s market cap is $158…

Steph_iscryp also highlighted that XRP’s market cap chart confirmed a double-bottom breakout, projecting a $3.4 Trillion target.

#XRP’s market cap chart confirms a double bottom breakout with a $3.4T target.If it hits $3.4T, that’s $59 per XRP—a 24x move from here! pic.twitter.com/g8W9bFTqNA

This target, if reached, could push the XRP price to $59