Crypto analyst EGRAG CRYPTO (@egragcrypto) has presented a bullish outlook for XRP, predicting a significant price increase within specific timeframes. His analysis identifies two potential timelines for XRP to reach its next peak based on historical market cycles.
EGRAG CRYPTO analyzes XRP’s price movements across multiple cycles, specifically focusing on the timeframes between cycle highs. This approach aims to forecast when XRP might reach its peak for the current cycle.
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Two scenarios, designated as the “Blue Cycle” and “Green Cycle,” are presented based on the duration between prior cycle peaks. The Blue Cycle reflects the 39-month period (1,186 days) it took XRP to reach its $1.96 peak in April 2021, following the January 2018 high of $3.84.
The Green Cycle, on the other hand, shows the 49-month timeframe (1,492 days) between the December 2013 peak of $0.0614 and the subsequent January 2018 high of $3.84.
Potential Cycle Peak and Price Target
EGRAG CRYPTO recently predicted that XRP’s next pump will be epic, and as of June 2024, XRP has already experienced 38 months since the April 2021 peak.
If it follows the Blue Cycle pattern, a peak could arrive in July 2024, marking 39 months from the previous high. Alternatively, the Green Cycle suggests a further 11 months before reaching the peak, placing it around May 2025.
EGRAG CRYPTO’s analysis incorporates a price range alongside the timeframes. While specific price targets are not provided, a chart outlines a multi-year ascending channel with five trendlines representing potential support and resistance levels.
XRP’s peak prices within these targets range from $1 to over $500, depending on what trendline it can break through. This is a significant increase for XRP, and the digital asset could begin its climb to its peak as soon as July.
Market Conditions and Future Outlook
After prolonged consolidation above the $0.5 level, XRP fell below this level in early June and has failed to break above it decisively. After dropping to a significant low of $0.4647 on June 14, XRP began a recovery, currently trading at $0.4869, showing a 4.40% increase over the past 24 hours.
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Despite this short-term bearishness, EGRAG CRYPTO’s analysis suggests a potential for significant price appreciation in the coming months, mirroring XRP’s historical outperformance during previous cycles. The $500 target is 102,590% higher than XRP’s current price, and the kind of increase investors are eagerly anticipating.
However, there are other factors to consider, as an ex-Ripple director recently predicted that XRP will stay stagnant until the lawsuit with the U.S. Securities and Exchange Commission (SEC) ends.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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