XRP’s Strong Bullish Momentum Could Push Its Price to $5.5

The well-known cryptocurrency analyst and trader, EGRAG CRYPTO, shared in an X post today that he is excited about what the price of Ripple (XRP) will do next. The analyst pointed out in the post that XRP is currently trading in a very strong upward trend on its monthly chart.

Additionally, EGRAG CRYPTO pointed out that the remittance token is trading comfortably above the 21 EMA, which suggests strong bullish momentum backing XRP’s price. The analyst predicted that the next milestone for XRP will be $0.80 and then $1.3, but highlighted that these targets will only be the tip of the iceberg.

#XRP Train Left the Station 🚂(Update):

Take a look at this Monthly Time Frame chart! #XRP is on a strong upward trend 🚆 and comfortably trading above the 21 EMA, indicating robust #Bullish momentum 🌌🚀

We’re setting our sights on some exciting milestones: ✅0.80c and $1.3… https://t.co/Aojv3sYmtG pic.twitter.com/EtCjtyRuS2

— EGRAG CRYPTO (@egragcrypto) November 3, 2023

The next “moonshot targets” that the altcoin is predicted to reach are $2.8 and $5.5. However, at press time, XRP was still only trading at $0.6042 after its price dropped 1.03% in the past day, according to CoinMarketCap. This came after the token was able to set a high price of $0.6241.

Meanwhile, XRP’s 24-hour trading volume was able to climb by 0.45%, allowing it to rise to $1,776,722,083. Despite its latest price slip, XRP’s longer-term success was still evident in its weekly and monthly performance.

The altcoin’s price surged by more than 9% in the past week. Additionally, XRP’s price was up by 11.26% on its monthly time frame as well.

Daily chart for XRP/USDT (Source: TradingView)

XRP was able to overcome the $0.5725 resistance level over the past few days and flipped the level into support as a result. The remittance token’s price then continued to climb and was looking to attempt a challenge at the next barrier at $0.6405. However, it was only able to reach a high of $0.6262 yesterday before the bears started offloading their XRP.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Source