XRP has gained a lot of attention in the past month by transforming itself from an underperformer to one of the star players in the market.
This impressive price increase has reignited investor interest, with many looking for the best entry points. Analyst EGRAG recently highlighted some of these opportunities and predicts that the upward trend will continue despite a recent pullback.
Optimal entry points for XRP
According to EGRAG, the current market cycle still offers growth opportunities for XRP. He emphasized that he had previously recommended buying XRP when the price was below $1. Although the price has risen sharply since then, it still sees attractive entry points for investors.
- $2.00 as a major entry point: EGRAG recommends aggressive buying around $2.00 given current market volatility.
- $1.60–$1.70 as a golden opportunity: Should XRP experience a pullback due to a rounding top pattern, he sees this price point as an excellent opportunity.
- $1.20 as the ultimate reinvestment moment: If the price drops to $1.20, EGRAG plans to put all its profits back into XRP. This shows his confidence in the long-term potential of the coin.
The analyst predicts that XRP will soon break the rounding top pattern, which could lift the price above $3.50–$3.80. This would lay a solid foundation for further upside to $6 to $8 in the near term.
RSI pattern indicates further growth
EGRAG is optimistic that the current bull run is still in its early stages. He predicts that the cycle will peak around March 2025, with a possible extension until the end of 2025. This forecast corresponds to a ‘wave 5’ projection of the market cycle.
He also points to XRP’s weekly Relative Strength Index (RSI). Historical data shows that the RSI reaches two peaks during bull runs. The first peak is followed by a sharp decline, after which a second peak marks the final top of the bull run. XRP has now reached its first peak, which means even bigger gains are ahead, according to EGRAG.
XRP remains strong despite volatility
At the time of writing, XRP is trading at $2.42, up 3% in the last 24 hours. Although it recently peaked at $2.90 and then fell back, XRP continues to perform impressively this month, up 24%.
The combination of technical indicators, market cycles and strong supports indicate that XRP is poised for further growth. Investors are keeping a close eye on developments as the currency appears to be gearing up for another rally.
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Source: https://newsbit.nl/koersdoelen-van-6-tot-8-analist-onthult-de-beste-instapmomenten-voor-xrp/
