Ripple’s XRP, a leading altcoin, has recently experienced a slight uptrend, fluctuating between $0.55 and $0.61, reflecting a balanced dynamic between buyers and sellers. The altcoin, currently trading at $0.573, has a market capitalization of around $31 billion, ranking it as the sixth-largest cryptocurrency and the fifth-largest altcoin.
Well-known crypto analyst Ergag Crypto has provided an optimistic analysis of XRP, highlighting a ‘cup and handle’ formation on the chart, which often indicates potential for a short-term upward movement. Ergag Crypto predicts substantial price targets for XRP, expecting a rise.
According to Ergag Crypto, XRP’s first target on its upward journey is $1.2, with potential to climb to $1.6 if surpassed. The analyst suggests these price movements could pave the way for XRP to reach its all-time high and beyond, eventually hitting between $7.5 and $13, and possibly up to $27.
Ergag Crypto’s analysis also points out the formation of higher lows, a typical indicator of positive momentum. He emphasizes the importance of the $0.55 level as a key support area, and deems a drop below $0.50 unlikely on a weekly timeframe.
If the current uptrend continues, XRP could potentially reach around $0.8 in the short term. Ergag Crypto foresees a stronger rally pushing XRP towards an important $1 milestone and possibly extending to $1.2 shortly after. In a downward scenario, a pullback to the $0.45 support level could occur. Technical indicators, including moving averages and oscillators, currently show neutrality, but the Relative Strength Index (RSI) at 42 and the alignment of the Average Directional Index (ADX) at 26 with the 20-Exponential Moving Average (EMA) and 50-EMA suggest an optimistic outlook.