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The price of XRP, the native token of the Ripple network, has seen significant gains recently, jumping over 29% since mid-October.
Noted market analyst EGRAG has boldly predicted that XRP could surge as much as 787% in the coming weeks if favorable conditions align.
Additionally, with the new altcoin Bitcoin Minetrix (BTCMTX) wrapping up its presale phase soon, could similar price appreciation be experienced by this trending crypto?
Crypto Analyst Sets Lofty $6.40 Target for Ripple’s XRP Token
In May 2022, crypto analyst EGRAG made an extremely bullish multi-target price prediction for XRP over the medium term.
EGRAG saw several key technical levels that, if broken, could send the XRP price surging as high as $6.40.
This first target was between $0.85 and $1, which XRP almost hit during July’s rapid spike.
The second target is $5.50, which EGRAG calculated from a large symmetrical triangle formation on higher timeframe XRP charts.
As XRP continues pushing upwards, EGRAG sees this $5.50 level being reached potentially within the next two weeks, according to a recent tweet.
The final lofty target at $6.49 aligns with the key Fibonacci 1.618 extension level.
For this target to be reached, EGRAG notes that there would need to be an extended wick – meaning XRP would wick up to tap the $6.40 zone before pulling back.
XRP Poised for Takeoff as Ripple Puts SEC Battle Behind It
Currently, XRP is hovering around the $0.62 level, meaning that if the token were to hit $5.50, as predicted by EGRAG, it would represent a 787% rise.
However, given that over $1.4 billion worth of XRP regularly trades hands daily, such price movements are not impossible.
Interestingly, XRP’s daily trading volume has picked up pace in line with the token’s recent price rise, indicating genuine interest from investors.
This renewed interest in XRP comes as Ripple finally puts its legal battle with the SEC firmly behind it.
Now that Ripple is out of the woods, it appears primed to aggressively expand XRP adoption in 2024 and beyond.
In fact, Ripple CEO Brad Garlinghouse was just named as one of CoinDesk’s “Most Influential” people in crypto for 2023 – a nod to his leadership of Ripple throughout a testing legal battle.
With bullish technicals aligning and fundamental news turning positive, XRP looks well-positioned to march toward EGRAG’s lofty price targets.
Innovative Stake-to-Mine Altcoin Bitcoin Minetrix Emerges as Intriguing Low-Cap Crypto Gem
As highlighted above, Ripple and its XRP token seem strongly positioned for further upside in the year ahead.
However, XRP isn’t the only altcoin that could be ready to surge.
An exciting new cryptocurrency project called Bitcoin Minetrix (BTCMTX) has introduced a first-of-its-kind “Stake-to-Mine” model that allows users to earn cloud mining credits by staking BTCMTX tokens.
This novel approach aims to democratize Bitcoin mining by lowering barriers to entry.
Traditionally, Bitcoin mining requires expensive, specialized equipment and high energy consumption – but with Bitcoin Minetrix’s cloud mining platform, anyone can participate.
Bitcoin Minetrix has already raised over $5.3 million in presale funding as investors take an interest in the project’s features.
The platform is fully decentralized and transparent to build trust, and it has also been audited by respected blockchain security firm Coinsult.
BTCMTX has even been ranked second on CoinSniper.com, a widely used website for tracking new and trending crypto projects.
With the upcoming Bitcoin halving in April 2024 set to reduce mining rewards, Bitcoin Minetrix’s system offers miners a groundbreaking way to offset any declines in profitability.
If Bitcoin Minetrix gains traction after the presale, its Stake-to-Mine model could allow its native BTCMTX token to surge, just like XRP is predicted to.
As such, Bitcoin Minetrix could be an altcoin worth watching closely in the weeks and months ahead.
Visit Bitcoin Minetrix Presale