XRP Bulls Hold Ground as Analyst Sees 100% Price Surge Ahead
XRP bulls are defending a key level of support at $1.40 as analyst EGRAG CRYPTO envisions another 100% rally.
The token's price rallied in mid-August, reaching $1.70, but was halted and corrected to $1.35. It has since rebounded and is now above the key support level.
EGRAG argues that XRP is attempting to establish a bullish continuation pattern after recovering from the recent pullback.
The first major resistance level for XRP stands at $1.50, followed by $1.60. If XRP can decisively close above both levels on the daily chart, it could target the psychological $2.00 and potentially reach as high as $2.70, a 100% move from recent lows.
Aside from the hurdles, there are some encouraging signs behind the latest leg up in XRP's price, including substantial increase in trading activity and ETF inflows, which reached over $110 million at the end of August.