In a recent video that sent shockwaves through the cryptocurrency community, the highly regarded crypto influencer Ben Armstrong unveiled staggering predictions for the future of XRP.
Ben Armstrong’s insights revolved around a forecast made by a prominent crypto analyst, suggesting that XRP could be on the cusp of an astronomical surge, with a long-term target price of $89 per XRP token – a mind-boggling 17,359% increase from its current value.
Short-Term Optimism: XRP on the Verge of $1.4
Ben Armstrong kicked off his discussion by shedding light on a short-term projection of $1.4 for XRP. This projection was grounded in a technical analysis by the well-respected EGRAG, which highlighted a crucial turning point for the digital asset.
According to EGRAG’s analysis, if XRP could manage to close above the Fibonacci 0.5 retracement level at $0.57, it would pave the way for the digital currency to reach $1.4. The Fibonacci retracement level of 0.5 represents a significant juncture in an asset’s price trajectory, signifying a potential shift in momentum. EGRAG emphatically stated that the path to $1.4 was “just around the corner.”
EGRAG’s chart accompanying the XRP analysis underscored four key price points. XRP has successfully moved beyond the critical resistance levels of $0.3526 and $0.4719, entering a “ranging” zone where it currently resides. Breaking past $0.5119 would catapult XRP into the bullish territory, extending up to $0.5738 – precisely aligning with the 50% Fibonacci retracement level mentioned earlier. EGRAG was resolute in asserting that surpassing the $0.5738 threshold could usher in substantial price gains.
The projected price points within the short term included XRP surging to $0.6432, $0.7409, $0.9310, and ultimately reaching the $1.4 milestone. Remarkably, these milestones were anticipated to materialize within the next two months, injecting a palpable sense of excitement into XRP investors.
Long-Term Aspirations: XRP Eyes $89
Ben Armstrong also delved into the analyst’s long-term outlook for XRP, based on historical accumulation patterns. EGRAG’s hypothesis posited that the more extended an asset remains in an accumulation phase, the more explosive its subsequent breakout could become. Drawing from this theory, EGRAG noted that XRP had been in an accumulation phase for six years – a considerable duration.
During the years 2017 and 2018, XRP experienced staggering price surges of 14x and 8x, respectively, following periods of accumulation that were shorter than four years. With XRP now having patiently accumulated for six years, EGRAG projected the possibility of a 27x surge, propelling XRP to the dizzying height of $89.
In the midst of these electrifying forecasts, XRP is currently trading at $0.5093, showing signs of reclaiming the $0.51 price point after a recent dip. Over the past week, the asset has already witnessed a 3.93% increase, leaving investors eagerly anticipating what the future holds for this digital asset.
As XRP enthusiasts and investors continue to monitor the cryptocurrency landscape with bated breath, the forecasts put forth by Ben Armstrong and EGRAG have ignited a fervent sense of anticipation. If these projections come to fruition, XRP could be poised to redefine the notion of meteoric price surges in the world of cryptocurrencies.