Egrag, a popular Twitter-based crypto analyst, has set a $27 price target for XRP, the sixth largest cryptocurrency by market cap, based on Ripple CTO David Schwartz’s assumed all-time high of $2.8.
The analyst shared insights on what could propel the massive uprising of XRP to such an exorbitant price level. In the tweet, he based his analysis on a previous disclosure by Ripple CTO, who argued and discredited the generally known price all-time high of XRP.
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As previously reported by TimesTabloid, Schwartz clarified that the actual ATH of XRP is $2.8, tagging $3.2 as misleading.
Analysis: XRP Price Ascending to $27
Based on David Schwartz’s ATH assumption, the analyst Egrag plotted the Fibonacci 1.0 at $2.8 Monthly Candle chart. It’s worth noting that the Fibonacci levels are the ratios derived from the Fibonacci sequence often used by traders to identify potential resistance and support levels in a price chart.
The analyst also said he would use the closing price of the candle body as a reference point for the bottom rather than the low wick.
Based on these parameters considered, the analyst wrote, “THE MYATL (Multi-Year Ascending Trend Line) is still holding up. The confluence point is with Fib 0.382, closing above it with a full body candle confirms with a high degree of certainty that the low is in & we will never have the opportunity to buy at these levels. (Au revoir mes chers).
According to the analyst, if XRP price closes above this confluence point with a full-body candle, it would serve as an indication to confirm that XRP has reached the bottom, which implies that investors may not see another opportunity to purchase the digital asset in the future at this price.
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Egrag also revealed that XRP took almost 1200 days in the previous cycle for its massive bull run, noting that the digital asset has now spent more than 2000 days waiting for the next mega pump.
“Price Action: The next pump will take us to 2-3 $ range refill the gap in the MAWT (Mega Ascending White Triangle) & then the measured move copied from the MAWT (Green Line) will take us to the preset Target,” Egrag asserted.
Considering the price target and the current price of XRP in the market, the predicted mega pump represents 5,775% or a relatively 56x.
#XRP @JoelKatz Assumption To 27$:
Assumption:@JoelKatz stated in one of his tweets that #XRP ATH was $2.8. Based on this assumption I will plot the Fib 1.0 at $2.8 Monthly Candle, I will not take the wick of the lows but I will take the candle body close for the bottom as… pic.twitter.com/uBhdrxgx8P
— EGRAG CRYPTO (@egragcrypto) May 19, 2023
A closer look into the analyst’s chart indicates that he expects this to take place between late 2024 and early 2025. Howbeit, this is a mere analysis and shouldn’t serve as investment advice.
At the time of press, XRP is trading at $0.4617, with a relatively 1% price uptrend in the last 24 hours and an 8% increase in the last seven days.
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