Prominent crypto market watcher and XRP enthusiast Egrag Crypto has dropped a new XRP price analysis. Per his latest estimation, which drew inspiration from XRP’s previous cycles and grounded in a 3-month interval, Egrag noted that a $150 price target is possible for XRP.
Sharing an XRP price chart via his Twitter handle, Egrag revealed his latest analysis to his teeming followers, and they reacted accordingly based on their inclinations.
#XRP Could This Cycle Eclipse 2017?🚀
— EGRAG CRYPTO (@egragcrypto) September 3, 2023
Critics gonna criticize, so let us focus on the listeners and allow me to explore some captivating insights!
Ladies and gentlemen, lend me your ears! 🎧 I've got some riveting data to unveil, all grounded in a 3-month time frame. 📊
🔍… pic.twitter.com/24VVo5J2bJ
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Understanding Egrag’s Latest XRP Price Analysis Chart
Egrag’s shared chart contained two cycles in a triangular form. The first triangle, which he termed a symmetrical triangle, is the previous cycle (Cycle 1), exhibiting two bullish runs, which spanned between 2013 and 2017.
XRP spiked by 910% in the first rally that saw it conclude 2013 at the $0.0274 price level, after which it formed the symmetrical triangle that lasted up to the first quarter of 2017.
In the end, XRP broke out and closed the quarter at $0.2486 selling price. The digital asset maintained this momentum, orchestrating its second rally in Q4 of 2017.
The second bull run saw an increase of 770%, culminating in XRP closing 2017 at the $1.9900 price level.
Cycle 2 Hints At A Potential Historical Repetition Of Previous Trend
Applying Cycle 1 price movements to the new symmetrical triangle formation that accompanied the Q4 2017 rally, Egrag hinted at a potential breakout to the outside that would spike XRP by 2000%, bringing the digital asset price to the $15 mark.
Going further to replicate the second bull run in Q4 of 2017 invariably implies that XRP could ascend to $150 or even more, according to Egrag, representing a 30,000% surge from current prices.
Notably, Egrag highlighted the significance of substantial time frames in coming up with more reliable signals. He also noted that his presented cycles might even exceed the tremendous predictions from other XRP price analysts.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Attorney John Deaton States Key Factor To Push XRP Price Beyond $3.84 All-Time High
Comments And Reactions Under Egrag’s Tweet
As usual, the crypto community, especially XRP lovers, took to Egrag’s tweet comment section to relay their thoughts, convictions, doubts, and criticisms.
An anonymous Twitter user, who seemed more concerned about the potential drivers or catalysts that could catalyze XRP to Egrag’s projected prices, popped a question, which Egrag replied to.
Egrag’s reply went thus, “Mate, all we really need is one announcement – just consider this a hypothetical scenario. Imagine if BOA [Bank of America] declared they’re embracing XRP as the inaugural digital asset with crystal-clear cross-border payment clarity!”
Another Twitter user, appearing to share a similar conviction with Egrag, noted that XRP’s potential price ascent is feasible, with liquidity highlighted as a significant driver. The Twitter user downplayed the role of market cap in XRP’s price surge.
Meanwhile, at the time of writing, XRP’s data on CoinGecko revealed a selling price of approximately $0.499.
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