Ripple yesterday unveiled plans to develop its own stablecoin, a move seen by many as positive news. Crypto analyst EGRAG is optimistic, partly due to this announcement, and expects the value of the currency to rise further in the coming period.

XRP price seems ready for a price increase

The price of this popular coin has been facing challenging market conditions for quite some time. Since its local peak of over $0.82 in August last year, the altcoin has failed to stage a sustained rally above $0.70, leading to frustration among many investors.

However, EGRAG suggests that change may be on the way. Through technical analysis, specifically the use of Fibonacci levels, the analyst makes a prediction about the XRP price.

Currently, the XRP price is finding strong support at the 0.382 Fibonacci line. According to EGRAG, if the price can remain above this line, a rally could be initiated that exceeds the Fibonacci level of 0.7, possibly up to the 0.78 level, he said on platform X.

A Fibonacci level between 0.7 and 0.78 translates to an XRP price of around $1.10 to $1.45. This could mean a potential doubling, or more, of the current price.

For the longer term, EGRAG is even betting on an XRP price of $6.40, based on the 1.6 Fibonacci level. Such a price increase would represent a staggering 980% increase over the current XRP price.

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