However, according to a crypto analyst, there is still a chance of an XRP price of $1. Recent price action shows a “W” pattern, indicating an upcoming big increase.
This begs the question: Is Ripple finally going to rise?
XRP Price Pattern Signals Potential Big Rise
The highest price level that XRP has reached this year is $0.718. The cryptocurrency is now below the $0.65 price level and has even fallen as low as $0.57 in the past seven days. This has led to frustration and concerns among many investors and holders about poor price performance.
Despite this disappointing performance, many analysts continue to support bullish price action for XRP. EGRAG, which is known for its bullish stance on XRP, has largely encouraged its social media followers to maintain their positive stance against XRP.
His latest technical analysis, which he shared on social media, indicates that XRP pricing has now established a bullish pattern, which has been responsible for significant price increases in the past.
#XRP Wave 10 ( $1 – $1.2) 🌊🔟:
The 10th “W” Pattern is exceptionally well-aligned with the current market setup, signaling a potentially significant move.
Target Prices Remain Consistent:
1) Non-Logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY STEADY and Appreciate the… pic.twitter.com/PS6xZi1FFv— EGRAG CRYPTO (@egragcrypto) March 24, 2024
This price increase is specifically based on a peculiar “W” pattern, which he highlighted on a 3-day candlestick chart of the XRP price. Interestingly, a detailed look at the chart shared by EGRAG shows that XRP started forming this “W” pattern in July 2023.
Now that the formation appears to be complete, the analyst noted that XRP could potentially rise to $1 on a standard scale and $1.2 on a logarithmic scale.
At the time of writing, XRP is trading at $0.63. An increase to $1 and $1.2 from the current price level would mean an increase of 58.7% and 90.47% respectively. However, EGRAG also noted the possibility that the “W” pattern could lead to a downtrend. In his price chart, he highlighted a “worst case” scenario of Ripple falling to $0.44518.
What awaits XRP?
EGRAG is one of many crypto analysts who are still extremely bullish on XRP’s price trajectory. His long-term price projection for XRP is $27. Other analysts, such as Mikybull, predict that XRP could rise as high as $6.
Ripple’s lawsuit against the SEC appears to be coming to an end, which could mean the end of long-term limited price growth for XRP. As a result, we could see XRP skyrocket to new heights soon. Whether XRP reaches $27 or sets new records, many see it as an undervalued asset with significant upside potential. This fundamental growth could push XRP to $1 for the first time since November 2021.
This dynamic puts Ripple at a crossroads, where both optimistic and cautious perspectives should be considered when considering whether XRP can rise. Besides XRP, there are also other emerging cryptos that are important to keep an eye on, especially those that are still in the presale phase.
Dogecoin20 (DOGE20)
Dogecoin20 is the latest alternative to Dogecoin and aims to develop a more environmentally friendly and secure version of Dogecoin. The project is set up on the Ethereum blockchain so that it can take advantage of Ethereum’s Proof-of-Stake (PoS) system. This PoS system consumes significantly less energy than the Proof-of-Work (PoW) system on which Dogecoin runs.
Another advantage of developing on the Ethereum blockchain is its well-known security. Moreover, transactions on this blockchain are faster.
Exciting News for #DOGE20 Community! 🎉
We’re thrilled to announce the $DOGE20 Claim date! 🚀
Save the date: April 20, 2024 – INTERNATIONAL DOGE DAY! 🐕 We’ve strategically chosen this iconic day to celebrate the spirit of #DOGE20 with our amazing community. pic.twitter.com/GxVaOyOInl
— Dogecoin20 (@DOGE_COIN20) March 26, 2024
Traders have the opportunity to generate passive income with the platform’s DOGE20 token by simply pledging (staking) it. Although the project’s pre-sale is still ongoing, users can already start staking their tokens in exchange for attractive rewards.
The DOGE20 presale has already raised over $10 million, and investors have less than 23 days left to purchase DOGE20 tokens. The tokens are priced at $0.00022 each and can be purchased with ETH, BNB, USDT and a credit card.
5th Scape (5SCAPE)
For traders, and especially those with a penchant for gaming, the rise of 5th Scape, a revolutionary token, marks an important moment. This project aims to bring virtual reality and cryptocurrency together in an advanced ecosystem.
The team recently announced their ambitious plans to develop a series of virtual reality games. They will also offer VR headsets and AR gaming chairs. There is growing anticipation for the launch of the first game of this project, which is expected to be released in the second quarter of 2024.
Leaving limits behind! 🚀 We have hit another milestone and has entered the 3rd round of our presale.
So join us on this incredible journey into the future of AR/VR gaming.
#5thScape #Presale #AR #VR pic.twitter.com/ZOkwg8s34E— 5th Scape (@5th_scape) March 26, 2024
The 5SCAPE token, the native currency of the 5th Scape ecosystem, can be used for all transactions within this ecosystem. Users who choose to pay with this token can expect significant discounts as a reward. Additionally, the project offers investors the opportunity to earn passive income by staking the 5SCAPE token.
The 5SCAPE presale recently started, and more than $2.8 million has already been raised. The tokens are currently priced at $0.00248, but this price is expected to increase to $0.00285 once the presale reaches the next stage. Ultimately, the goal is to list the tokens at $0.01.
Disclaimer: This article contains insights from independent authors and is not part of BitcoinMagazine.nl’s editorial content. This is not investment advice, please do your own research.
Source: https://bitcoinmagazine.nl/nieuws/ripple-koers-patroon-vertoont-tekenen-nieuwe-crypto-bull-rally-gaat-ripple-stijgen
