Thursday, June 20, 2024
HomeCryptocurrencyCiting Echoes from 2017, Analyst Says XRP Is Bracing For 4,400% Rally...

Citing Echoes from 2017, Analyst Says XRP Is Bracing For 4,400% Rally to $27, States Key Resistances

XRP, the native cryptocurrency of the XRP Ledger (XRPL), is poised for an exciting journey towards its 2017 highs, with a potential price target of $27.

This path is from an updated analysis from prominent market analyst EGRAG CRYPTO (@egragcrypto). His comprehensive price analysis delves into macro and micro perspectives, providing valuable insights for XRP enthusiasts.

Citing Echoes from 2017, Analyst Says XRP Is Bracing For 4,400% Rally to $27, States Key Resistances

Read Also: Crypto Bull Predicts 76,949% XRP Price Explosion To $470 and Surpass $25T Market Cap

Macro View: Aiming for the Stars

For the macro view, the analyst wrote, “Reviving echoes from the 2017 surge, aiming for $27 feels like a plausible target. The markers at $3 and $5.8 stand as critical milestones, yet pushing to $6-$7 might come with some turbulence. These ambitious goals paint a serious lunar picture for #XRP!”

The macro view paints a bullish picture for XRP, expecting the token to recreate the price movements from 2017, which saw it cross $2, and continue into January 2018, where it surpassed $3 to record its all-time high.

EGRAG CRYPTO believes the $27 target is plausible and highlights critical milestones at $3 and $5.8. However, the analyst warns of potential turbulence as XRP pushes towards $6-$7. He said crossing the resistance at that price range could send the token to the final destination of $27. This ambitious goal suggests a promising future for XRP and continues the chartist’s series of predictions targeting $27.

Micro View and Fractal Patterns

Zooming into the micro perspective, the analyst writes, “Unveiling resemblances between the current price action and a yellow fractal pattern indicates a striking similarity. If this pattern persists, anticipate 0.55c followed by 0.75c before reaching the pivotal goal of $1.3, a crucial resistance level.”

Read Also: Analyst Says $100 XRP Price Is Inevitable, Citing Certain Bitcoin Trends From 2010

Drawing parallels with a yellow fractal pattern, the current price movement suggests a potential downward trend, followed by an upward trajectory for XRP. It could drop to $0.55 and then surge to $0.75, higher than the recent surge from the beginning of November.

EGRAG CRYPTO expects XRP to encounter a crucial resistance at $1.3. If the token can breach this resistance level, it might pave the way for further gains.


Optimism from Regulatory Clarity

According to the analyst, the impending bull run will bring a surge of liquidity into XRP, fueled by the cryptocurrency’s regulatory clarity.

With increasing clarity, XRP is a safer investment choice compared to its counterparts. This sentiment could drive significant price appreciation. As always, he asked the community to “stay steady” and prepare for the next bull run.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Latest News & Articles