XRP’s gradual price progression this bull season has been a heated source of discussion. Despite Ripple’s long and successful queue of positive corporate alliances, XRP’s price is yet to be impacted in a significant manner. However, the XRP price chart shows a different story altogether, as emphasized and explained by notable analyst Egrag Crypto.
Egrag Crypto, a notable crypto researcher, has brought forth an interesting XRP insight, instilling hopes within the ripple community. The analyst shared how Ripple’s gradual progression is hinting at a positive price breakout soon, with its consolidation phase ending in a bullish streak.
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XRP Continues to Ascend Higher
Crypto analyst and expert Egrag Crypto took to X to share a noteworthy XRP chart that showed its price trajectory since May 2022. The chart depicts XRP as having continued its price ascent since 2022, with ascending channels showing its steady but slow price pace.
The analyst later shared how XRP is currently undergoing a retracement phase. He later shared how the token’s long-term value remains bullish despite XRP’s current price dips and sways.
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“Ever since the fiery pump in July, #XRP has been on a retracement journey, spanning a relentless 191 days—a test of resilience for many. Yet, amidst the storm, the MACRO outlook stands unwavering.”
In a macro outlook, the prospects of XRP breaking into bullish momentum are bright and strong. With Ripple’s long list of successful financial alliances, XRP’s price is bound to recover sooner or later, with a positive price breakout.
“Ripple’s partnerships with meão banks, governments, and financial institutions, as well as the approval of XRP by the Dubai Financial Services Authority, indicate a potential widespread adoption and a significant increase in XRP price.”
Will XRP hit $0.80 this week?
Amid Ripple’s positive alliances, talks of XRP breaking consolidation are catching pace. XRP is currently trading at $0.56, expecting a mild boost to break its resistance price level marks.
Per CoinCodex, XRP may face resistance at price levels of $0.589033, $0.602032, and $0.611833.
The platform predicts XRP may reach $0.72–$0.77 by the weekend, regaining some of its lost pace.
For the year 2024, XRP is forecast to breach the coveted $0.80 mark if it continues to gain mainstream momentum. With the event of Bitcoin halving in the mix, XRP could soon touch a new price threshold.
“XRP is forecast to trade within a range of $0.363327 and $1.807151. If it reaches the upper price target, XRP could increase by 216.16% and reach $1.807151.”