In a recent video, renowned crypto influencer Ben Armstrong discussed intriguing insights into the future of XRP, where the asset potentially trades in significant double digits.
Specifically, Armstrong highlighted a forecast from a prominent crypto analyst, noting the potential for XRP heading to $89 long-term and $1.4 short-term. An increase to $89 would require a 17,359% surge from XRP’s current value.
New vid dropped. Thanks for all the support to $BEN Nation.
XRP to $89?!?! (One Crypto Expert Says YES!) https://t.co/jq4w80o9Vc via @YouTube pic.twitter.com/vj2VusV6LD
— Ben Armstrong (@BenArmstrongsX) September 21, 2023
Notably, Armstrong quoted a recent analysis from EGRAG stressing the significance of XRP surpassing a critical technical level for short-term significant gains.
XRP to $0.6432, $0.7409, $0.9310 Short Term
According to the analyst, if XRP closes above the Fibonacci 0.5 retracement with a $0.57, the digital asset could be on the path to $1.4.
In the Fibonacci retracement analysis, the 0.5 level corresponds to the 50% retracement level, representing a potential turning point in the price of an asset. EGRAG noted that the projected meteoric rise to $1.4 is “just around the corner.”
Furthermore, the chart accompanying EGRAG’s XRP update detailed four key points in XRP’s price performance. According to the chart, XRP has already parted ways with the red flag and ‘wicking’ zones of $0.3526 and $0.4719.
The chart indicated that XRP is now within a “ranging” zone at its current price. Should XRP cross over to $0.5119, the bullish range would kick in. This “bullish” territory stretches to $0.5738 and aligns precisely with the 50% Fib retracement level mentioned earlier.
Emphatically, EGRAG asserted that breaching the $0.5738 price level opens the door to further significant price gains.
The projected points include XRP reaching $0.6432, $0.7409, $0.9310, and the ultimate point of $1.4, representing a 175% surge. Interestingly, these projected price points are expected within the next two months.
XRP to $89 Long Term
Meanwhile, Armstrong cited the analyst’s long-term projection for XRP. EGRAG based the long-term outlook on historical accumulation patterns. He believes the more extended an asset stays in an accumulation phase, the more potent the subsequent breakout becomes.
As The Crypto Basic has reported, XRP has already been in the accumulation phase for six years. In the chart shared, EGRAG depicted that XRP saw 14x and 8x price gains between 2017 and 2018 after waiting less than four years. Since XRP has now waited six years, he projected a potential 27x to $89.
Meanwhile, XRP is currently changing hands at $0.5093, looking to reclaim the $0.51 price point after recently dropping below it. The asset has witnessed a 3.93% increase over the past week.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
-Advertisement-
