The recent dip in the cryptocurrency market has not deterred some analysts from expressing optimism about XRP’s future price trajectory.
One such analyst, EGRAG CRYPTO (@egragcrypto), has identified a potentially bullish technical pattern that could propel XRP toward significant gains if broader market conditions improve.
Read Also: Citing Echoes from 2017, Analyst Says XRP Is Bracing For 4,400% Rally to $27, States Key Resistances
FSRF Leading the Way
EGRAG CRYPTO’s analysis relies on the Fibonacci Speed Resistance Fan (FSRF) indicator, which is used to identify key support and resistance levels based on historical price movements. In XRP’s case, the analyst highlights a specific resistance level established by the FSRF during the surge after the pivotal ruling from July 2023.
XRP has stayed down since then, unable to reclaim the $0.93 level it reached after the ruling. However, EGRAG CRYPTO believes that the bulls may be preparing for a comeback as the market recovers. This prediction is fueled by several daily closes above the crucial FSRF 0.5 level in recent weeks.
XRP Aiming for Higher Levels
Sustaining this momentum above FSRF 0.5 unlocks further resistance levels, including $0.75, $1, $1.5, and $1.96 (corresponding to FSRF 1). According to the analyst, surpassing these hurdles could trigger a wave of Fear of Missing Out (FOMO) among investors, potentially propelling XRP towards a staggering $27 – a 1,350% increase from the $1.96 mark.
Reacting to the bullish analysis, a supposed enthusiast said, “Let’s just say statistically I am closer to my death than my birth and might really not see the day of the big XRP rise. Riches await in the afterlife.”
In response to the user, the analyst wrote, “I hope you have a long life ahead to witness XRP’s journey to the moon!”
I hope you have a long life ahead to witness #XRP's journey to the moon!
— EGRAG CRYPTO (@egragcrypto) February 19, 2024
Meanwhile, pro-crypto lawyer John Deaton has once explained how investors can profit from FOMO, and this might be the best time to take the advice of the senatorial candidate.
Market Trends and Other Factors
While technical analysis offers valuable insights, it’s crucial to acknowledge the broader context surrounding XRP’s price action. The ongoing legal battle between Ripple and the SEC remains a significant factor. Positive developments in the lawsuit could undoubtedly fuel investor confidence and contribute to a price increase.
Furthermore, the overall health of the cryptocurrency market will play a crucial role in XRP’s performance. A sustained bull run across the broader market could provide the necessary tailwinds for XRP to reach its predicted highs.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Predicts 94% XRP Price Surge to $1.2. Here’s the Timeline
Is XRP Targeting a New All-time High?
XRP has failed to reclaim its all-time high of $3.84 since January 2018. Its underperformance in the 2021 bull run has been attributed to the ongoing Ripple-SEC lawsuit, but with the case near its end, the digital asset could be gearing up to dominate the market again.
As earlier reported by Time Tabloid, a top Bitcoin trader recently described XRP as the next shining bull in the current bull market. Although EGRAG CRYPTO’s $27 target might seem out of reach, XRP has seen higher jumps, and it could repeat the positive trend.
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