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XRP Price Surge Predicted: Analyst Projects 2,829% Increase

Renowned analyst forecasts a major rise in XRP value, driven by a unique market model and recent legal victories.
Published on 2023-10-20

Analyst Predicts Major XRP Price Increase

Prominent market analyst EGRAG has forecasted a dramatic surge in XRP's price, predicting a 2,829% increase to $15. This projection is based on the Bent Fork model, which involves four distinct tracks: Major Historical Support, Ranging Zone, Mid-Cycle Top, and Cycle Top.

Current Market Dynamics

As of now, XRP is navigating the Major Historical Support track within a White Ascending Triangle—a pattern established since May 2022 following a decline from the March high of $0.9121. Despite a brief bullish surge in July, a correction brought the price back, yet the cryptocurrency has shown resilience against bearish attempts to push it below the triangle. EGRAG views this resilience as a positive indicator for future performance.

Imminent Breakout Expected

The analyst anticipates a significant breakout between the third and fourth weeks of November. This could be the final opportunity for investors to acquire XRP at lower rates before it advances through the remaining tracks of the Bent Fork model, ultimately reaching the Cycle Top and the projected $15 price.

Impact of Legal Developments

XRP's recent rise to $0.5121 was influenced by Ripple's third legal triumph against the SEC, involving executives Brad Garlinghouse and Chris Larsen. This victory has temporarily bolstered the cryptocurrency's value, adding momentum to its upward trajectory.

EGRAG's analysis and the ongoing legal outcomes suggest a promising future for XRP, making it a focal point for investors eyeing substantial returns.

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