Amid the surging interest in XRP in the crypto market, a prominent analyst has recalled his super bullish price prediction for the asset.
The pseudonymous chartist, Egrag reiterated on Monday that XRP is bound to hit a new all-time high of $27 based on the formation of a chart pattern dubbed Bermuda Triangle.
Notably, the expert technical analyst first called this $27 target for XRP in early May with detailed insights into the asset’s potential behavior while the SEC v. Ripple case was still inconclusive. At the time, XRP was changing hands at $0.4642 and attempting to break out above the multi-month bearish trendline resistance.
A close look at Egrag’s updated chart shows that XRP’s price is moving through the Bermuda Triangle as earlier predicted. This chart pattern comprises seven arcs with each representing a Fibonacci Circle price target.
At the time of the update, XRP price has surpassed Arc 1, Arc 2, and Arc 3 successfully while steering confidently towards Arc 4. Notably Arc 1 to Arc 3 are all situated below the $0.7 price mark.
Meanwhile, Arc 4 cuts across the region dubbed the equilibrium price range by Egrag. According to the analyst, the XRP price is expected to balance between $1.6 – $1.8 in the coming weeks.
At press time, the XRP Ledger (XRPL) native token is trading at $0.7645, which is still below Arc 4. Egrag noted that this price region serves as a pivotal moment for XRP, adding that the asset could either soar to new heights or stabilize for some time.
In the wake of Ripple’s partial win over the U.S. SEC, the XRP permabull is confident XRP will break through Arc 4 to hit Arc 7, which is situated around $27. He added that the adoption of XRP by top banks, financial institutions, and hedge funds would contribute to this possible surge.
Remarkably, Ripple’s CLO Stuart Alderoty recently noted that over 4,000 American banks would be willing to partner with the crypto solutions company as XRP received regulatory clarity last week.
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