A recent analysis from renowned cryptocurrency analyst EGRAG CRYPTO sheds new light on XRP’s potential price breakout. The analyst emphasizes that thin order books play a crucial role in enabling significant price increases, especially as XRP has recently risen above $1.
The role of the $0.75 level as a launching pad
Although XRP is now trading above $1, the original analysis revolved around XRP closing above $0.75. EGRAG CRYPTO identified this level as a key structural and psychological launching pad for possible exponential price movements.
A thin order book – characterized by few buy and sell orders at different price levels – offers opportunities in markets with low liquidity. Here, modest trades can break multiple price levels quickly, leading to significant price movements.
The importance of the $0.75 level
According to EGRAG CRYPTO, the $0.75 mark acts as a crucial foundation for further growth of XRP. If the price remains above this level, a solid support base will be created to make optimal use of the dynamics of thin order books.
The analyst outlines possible price targets based on these dynamics:
- An increase of 10X from $0.75 results in $7.50.
- An increase of 20X brings the price to $15.00.
- An increase of 30X would take XRP to $22.50.
- An increase of 40X reaches a price of $30.00.
With each successive price level, less capital is required to further increase the price, thanks to increasingly thinner order books.
XRP’s recent price rise has been partly attributed to speculation surrounding a possible resignation of Gary Gensler, the chairman of the US Securities and Exchange Commission (SEC). XRP broke the $0.75 barrier and rose to a level well above $1.
Based on this analysis, the analyst believes a price target of $33 is feasible. This goal is also supported by other well-known analysts.
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Source: https://newsbit.nl/crypto-analist-voorspelt-ripple-xrp-kan-tot-33-stijgen/
