XRP, a prominent cryptocurrency, has yet to regain its former glory. Despite a recent bounce back from a two-year low of $0.43, the asset remains stagnant around the $0.53 mark. However, renowned analyst EGRAG believes XRP will soon experience a significant price increase.
EGRAG’s optimism stems from a perceived similarity between XRP’s current price movement and its bullish trajectory in 2021. By analyzing XRP’s patterns, EGRAG suggests two potential scenarios for the cryptocurrency’s price path.
Read Also: Top Chartist Ali Martinez Says XRP Is Ready For Upswing. Here’s how long and why
Scenario 1: Measured Growth Towards $1.8
The first scenario anticipates a more conservative price increase for XRP. According to EGRAG’s analysis, the asset could climb to a range of $1.2 to $1.8 by June or July. This projection aligns with the initial stages of XRP’s 2021 rally before its peak. To achieve this target, XRP would require significant growth from its current price point.
Scenario 2: A Return to 2021’s Bull Run and a Potential Surge to $4
The second scenario, outlined by the yellow section on EGRAG’s chart, paints a more bullish picture. It asserts that XRP could replicate its rapid price surge witnessed in April 2021, when it reached $1.96.
If this scenario unfolds, EGRAG argues that XRP has the potential to reach a price of $4 by June or July. This scenario would necessitate a more substantial growth of over 600% from the current price.
It’s worth noting that EGRAG’s current prediction of a potential $4 price tag is a significant revision from his earlier, more audacious forecast of $17 by May. However, he maintains his long-term bullish outlook for XRP, projecting a price target of $27 within the current bull market.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Based On Historical Trends, Analyst Predicts Massive Rise of XRP to $10 or $124. Here’s the Catalyst
Analyst’s Rationale
EGRAG emphasizes the significance of a specific fractal pattern within the chart. He observes a correlation between the current blue trend line and this yellowish fractal, suggesting that XRP might mirror its previous bullish trajectory.
While XRP’s future price movement remains uncertain, EGRAG’s analysis offers two potential scenarios for investors to consider. The coming months will be crucial in determining which path XRP ultimately takes. Investors are encouraged to conduct their own research and due diligence before making any investment decisions.
Follow us on Twitter, Facebook, Telegram, and Google News
