Top Analyst Anticipates XRP to Reach $27 Based on Historical Patterns
A prominent analyst known as EGRAG has restated his bold prediction for XRP’s price, maintaining a steadfast target of $27 for the current market cycle. EGRAG highlighted the convergence of simple moving averages (SMA) over 20 and 50-day periods, which resemble patterns seen during the notable surge of 2017.
Before the significant breakout in late 2017, XRP experienced an extensive period of price consolidation lasting 350 days, marked by 49 consecutive weekly candles. EGRAG’s analysis indicates a similar phase of consolidation within the current market structure, as evidenced by the intersection of XRP’s 20 SMA and 50 SMA.
EGRAG presented three possible interpretations of the unfolding pattern. Firstly, there could be an aggressive price rally similar to the “rocket ship-style pump” witnessed in 2017. Alternatively, the current formation may align more closely with patterns observed during the 2021 bull market, potentially reducing the magnitude of any surge. Additionally, there is the possibility of entirely new developments shaping XRP’s trajectory.
Undeterred by alternative scenarios, EGRAG remains unwavering in his expectation of significant price appreciation for XRP. Pointing out the striking similarities between past and present patterns, he reiterated his target of $27 for XRP during this market cycle. Drawing parallels to Bitcoin’s price movements, he speculated a potential milestone of $17 for XRP within the current month, reflecting the exponential growth witnessed in 2017 and 2018.