Technical analysis indicator promises XRP growth by 180%

XRP has mostly traded in the green over the past week, maintaining a strong position above the $0.50 support level.

This may be why analyst Egrag Crypto believes the double bottom formation seen on the XRP chart signals strong bullish momentum, instilling confidence in an imminent upward surge.

Additionally, he identified the consolidation zone as a supply zone and accumulation range, with these corrections indicating a favorable XRP price setup for a noticeable move higher.

XRP Price Analysis. Source: TradingView/Egrag Crypto

Based on the potential bullish momentum, the market expert suggested that XRP could rise to around $1.4, reflecting a 180% gain from the current price.

XRP Color Code – $1.4. The formation of a double bottom gives us a strong bullish signal, and I am confident that the movement will begin soon ,” the analyst said.

Such a surge could reignite investor interest in XRP, gaining momentum from current events involving Ripple and the Securities and Exchange Commission (SEC).

Ripple says the SEC has no substantiated allegations of fraud regarding the sale of XRP tokens. The company demanded specifics from the SEC to address future violations in XRP sales and contracts.

The number of millionaires owning XRP is growing

Meanwhile, data from cryptoanalysis platform Santiment shows that as of April 2023, the number of wallets holding at least one million XRP stands at 2,013, down slightly from the previous peak in June 2023.

XRP Millionaires Addresses. Source: Santiment