Analyst Says XRP Is Set For Massive Move To $1.2, Cites Pre-Bull Rally Phases

Prominent analyst EGRAG Crypto, in a post on X, has expressed a bullish outlook for XRP, predicting a potential 90% price increase in the near term.

This expectation is based on a distinctive “W” pattern detected within XRP’s 3-day candlestick chart over nine months. The analyst notes that this pattern aligns with historical trends observed during XRP’s pre-bull rally phases.

Potential Bullish Trend and Invalidation Risk

Should this historical pattern hold, EGRAG believes a significant upward trend could propel XRP to $1 on a standard scale and $1.2 on a logarithmic scale. At the time of writing, XRP is trading at $0.6314, according to CoinMarketCap. Getting to the $1 or $1.2 mark would require a 54.7% and 85.6% increase from its current price.

EGRAG also acknowledges a possible invalidation of this forecast. In a bearish scenario, he suggests XRP could see a 30% drop to about $0.44518.

Ambitious Long-Term Projections

EGRAG’s enthusiasm for XRP’s price potential extends well beyond the short term. Citing similarities between XRP’s current moving averages and those seen in 2017, the analyst underscores a historical precedent for sudden and substantial price surges.

Based on these patterns, EGRAG maintains that a target of $27 per XRP remains possible within this bull season, anticipated by November 2024. This projection highlights an expectation for both short-term and long-term increases in value.

This long-term target builds upon earlier projections such as the $17 by May scenario. EGRAG noted that this bullish outcome was dependent on Bitcoin establishing new record highs while experiencing only minor corrections on its upward path.

Important Considerations

It’s crucial to remember that cryptocurrency markets are highly volatile, and no prediction is guaranteed. EGRAG’s analyses offer a potential roadmap for XRP’s price, but factors such as broader market trends, regulatory developments, and the ongoing legal battle between Ripple and the SEC, can significantly impact outcomes.

This article offers market analysis and should not be interpreted as financial advice. It’s essential to conduct your research and exercise caution before making any investment decisions.

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