Despite ongoing consolidation in the XRP market, a well-known chartist named Egrag has made a bold prediction of a potential 777% surge in XRP price to trade at around $6.57.
The recent pump in XRP’s price following Judge Analisa Torres’ ruling in the Ripple v. SEC lawsuit has since been followed by a struggle to maintain the $0.75 threshold. In light of this situation, Egrag, a prominent chartist, has forecasted a significant rally for XRP.
Egrag based this ambitious forecast on an analysis of XRP’s price movements, considering historical data that suggests XRP has achieved a similar feat in the past. By examining two comparable charts on a weekly timeframe, known as Chart A and Chart A*, Egrag highlighted similarities in patterns between the two.
Although he cautioned that this pattern could be a false signal, Egrag drew insights from Chart A, which confirmed that in March 2017, XRP experienced a 106% appreciation following a period of bearish price movements. After initially facing resistance, XRP eventually surged by 777.06%.
Drawing parallels with the current price movements represented by Chart A*, Egrag pointed out that XRP had already spiked by 99.26% on July 13 following the SEC ruling. The asset climbed from $0.4710 to a high of $0.9385 before encountering resistance.
Taking into account the similarities observed with the 2017 pattern, Egrag predicted that XRP could once again rally by 777%, potentially within seven days.
It should be noted that XRP was trading at $0.75 when the prediction was made. So, a 777$ upsurge would take the price of the digital token to $6.57.
While the prospect of such a significant surge is alluring, it is important to exercise caution and not solely rely on this prediction as investment advice. Market fluctuations are common, and unforeseen factors can influence price movements.
At the time of press, XRP is trading at $0.79, with a relatively 5% price downtrend in the last 24 hours, according to CounMarketCap.
Amidst the market uncertainties, several factors could potentially impact XRP’s future growth. The ongoing developments surrounding the Ripple v. SEC lawsuit and any favorable outcomes may have a significant influence on XRP’s price. Additionally, increased adoption of Ripple’s cross-border payment solutions and partnerships with financial institutions could contribute to XRP’s market traction in the long term.
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