Analyst Claims Despite Sluggish Price Action

The latest update from the crypto market analyst Egrag crypto has garnered noteworthy attention towards XRP, the Ripple Labs-backed cryptocurrency. Dated today, May 27, the post shared on X facilitated vital insights into XRP’s current price movements, suggesting that the token could top $1.2 ahead.

Another renowned crypto market analyst, Dark Defender, has shared optimistic insights into XRP’s future price movements. These comments, collectively, have sparked a significant buzz across the broader crypto market as analysts maintain their positive outlook on the Ripple-backed token’s future despite its recent sluggish performance. Let’s delve deeper into the analysts’ remarks, which have ignited a storm of speculations.

Egrag Crypto Says XRP To Trade Between $1.2-$1.5

Egrag Crypto took a two-section post to X, unraveling the ‘Genuine Wake-up line’ bullish trend on XRP’s chart. Notably, the first section (Break-out) highlights a pattern known as the ‘White Triangle’ and its alignment with previous charts and Fibonacci levels 0.702 – 0.786, hinting towards a potential breakout. “The measured move is projected to be between $1.2 – $1.5,” Egrag added.

The critical break-out point is around $0.70 – $0.75, and the analyst stresses that XRP remains poised to break out in the coming couple of weeks.

Meanwhile, the second section highlighted that XRP is holding like a ‘boss’ on the Atlas line, with resistance at $0.5777, support at $0.5000, and a break-out point at $0.6799. Although Egrag warns of a retest of the break-out in the short term, XRP remains poised for a “Mega Run” ahead, the analyst stated.

Dark Defender Pours Optimism Into Future Movements

Additionally, Dark Defender, in a post on X, stresses the Ripple-backed token being in its ‘Grand Wave 3.’ The analyst draws attention to Heikin Ashi Candles, a trading analysis tool often used in combination with the Fisher Indicator, highlighting price movements on the weekly time frame.

XRP to encounter a challenging zone between $0.6044 and $0.6649, Dark Defender proclaims. However, once the weekly candle closes above $0.6649, the Ripple-backed token remains poised for colossal gains.

Contrary to the analysts’ current remarks, it’s worth noting that a $1 price target was set for April, but XRP has yet to achieve it.

Also Read: Can TON Price Recover Soon Or A Bigger Fall Is Inevitable?

XRP Price Tumbles

Meanwhile, XRP’s price was noted to dip by 1.26% to $0.5289 as of writing. The token’s market cap rested at $29.31 billion, whereas the 24-hour trading volume was $804.30 million. Its 24-hour lows and highs are $0.5238 and $0.5366, respectively.

Recent market statistics spotlighted by CoinGape further paint an uncertain picture of the token’s future. RSI, along with other market statistics, underscores mixed investor sentiments orbiting the Ripple labs-backed digital asset.

Also Read: XRP News: Lawyer Dismisses Impact Of Ripple Lawsuit & Escrow Burn On XRP Price

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