The analyst revealed this in a recent report, noting XRP’s struggles around the $0.50 price level. Despite its underperformance, XRP has garnered significant attention due to several ambitious price predictions. Market observers argue that XRP is replicating a pattern similar to the one seen in 2017 before its meteoric rise.
A Potential 41% Price Increase
EGRAG’s latest analysis indicates that XRP is set for a modest 41% increase. The experienced chartist emphasized that this uptick would signal a much larger price rally, potentially leading to a significant breakout.
He provided a macro view of XRP’s price chart, describing it as exceptionally bullish. He referenced historical data, specifically a similar 41% increase in 2017, which preceded a significant spike. After a period of underperformance in 2017, XRP saw a straightforward 41% rise.
🚀 #XRP The Next 41% Pump Will Be EPIC! 🚀
In a MACRO view, the chart below is insanely #Bullish, and the breakout to the upside will be NOTHING SHORT OF LEGENDARY! 💥📈
We need a 41% pump to be on the edge of the triangle. In 2017, we experienced a similar 41% surge, and then… pic.twitter.com/uLWbyekEJw
— EGRAG CRYPTO (@egragcrypto) June 7, 2024
This initial rise laid the foundation for the surge XRP experienced from January 2017 to January 2018, reaching an all-time high of $3.30. This historical context underpins EGRAG’s belief that a similar performance is imminent.
According to the accompanying chart, XRP is currently trading within a symmetrical triangle reminiscent of the one from 2017. A breakout following the 41% rise would enhance the likelihood of an uptrend. While EGRAG conceded that predicting the exact percentage increase is challenging, he identified the Fibonacci 1.618 level as his ultimate target.
XRP Could Target $27
Chart data suggests that the Fibonacci 1.618 point aligns with a $27 price target, a value EGRAG has consistently argued XRP could reach. The path to this target includes three key Fibonacci resistance levels: the first at Fib. 1 ($3.31), followed by Fib. 1.236 ($7.36), and Fib. 1.414 ($13.5).
Breaking through these levels would strengthen the likelihood of reaching $27. However, EGRAG emphasized the necessity of a well-planned strategy. Given the unpredictable nature of price movements, he advocates for a Dollar-Sell-Average approach. This method allows investors to systematically sell portions of their holdings as prices rise, mitigating risk.
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In another analysis, EGRAG examined XRP’s near-term momentum on the monthly time frame. He highlighted a significant bullish signal from the previous month, specifically a 75% Inverted Hammer formation at the bottom, often seen as a strong indicator of an impending upward trend.
The analyst is particularly optimistic about this signal, predicting that the price could reach $0.75 in the near term. He even suggests that July 2024 might be a pivotal month with substantial price movements. Currently, XRP is trading at $0.4919, struggling to recover and maintain support at $0.50.
