Prominent crypto analyst EGRAG CRYPTO (@egragcrypto) has stirred up excitement in the XRP community with a technical analysis forecasting a potential astronomical leap in the altcoin’s price.
Drawing a striking parallel to the explosive energy of a Gamma-Ray Burst (GRB), EGRAG CRYPTO predicts a surge that could propel XRP as high as $220.
Read Also: Google Bard Predicts XRP Price Should Bitcoin (BTC) Hit $200,000 After Halving
This bullish forecast leans heavily on the Fibonacci Channel, a technical tool used to identify support and resistance levels. EGRAG CRYPTO’s analysis pinpoints key price targets within the channel: $2.2, $5.8, $11, $33, and the ultimate zenith at $220.
#XRP – GRB (Gamma-Ray Burst):
Note: GRB-These are incredibly energetic events that release an immense amount of gamma-ray radiation. 🌌💥
Reflecting on #XRP's potential to mirror its 2017 trajectory, analyzing current price positions reveals crucial figures within The Fib… pic.twitter.com/C9kx5aG04j
— EGRAG CRYPTO (@egragcrypto) January 9, 2024
These figures align with XRP’s historical trajectory, particularly its meteoric rise in 2017, which saw it reach its all-time high of $3.84 in January 2018. After his recent prediction of a surge to $27, these higher targets show the immense potential XRP has for the 2024 bull run.
Adding fuel to the fire, the analyst highlights the significance of two “Bull Market Lines” on the chart, which have historically coincided with XRP’s upward climbs. The first encounter with these lines saw XRP’s price skyrocket a staggering 60,000%. Now, he anticipates a third encounter, potentially marking the dawn of a new bull run.
The Path to $220
According to the analyst, the key to unlocking this “GRB Event” lies in XRP conquering the $1.20 mark to cross Bull Market Line – 2. A potential catalyst for this surge could be a crossover of the Simple Moving Average (SMA) and 24 SMA on the 1-month chart.
Historically, such crossovers have preceded bull runs, as he demonstrates with the former crosses marked on the chart. Notably, this crucial crossover occurred at the turn of the year, potentially setting the stage for a huge surge.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
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He wrote, “Moreover, a new perspective for me that the 12 SMA and 24 SMA has been a clear signal that once the #Bullish cross happens almost 1 month later the #XRP #Bull Run Starts.” EGRAG CRYPTO’s analysis concludes with a rallying cry to the XRP army. As always, he asks the community to stay steady, affirming that the shift is imminent.
Despite the lofty expectations of EGRAG CRYPTO and the broader XRP community, the digital asset has not shown upward momentum. Currently trading at $0.5606, XRP is down 1.69% in 24 hours and 10.23% in the past week.
However, a top Crypto proponent recently called XRP the standard for the next bull run, and 2024 could be the year XRP reaches the heights the community has been dreaming of for a long time.
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