EGRAG CRYPTO (@egrahcrypto), a well-known analyst, recently presented an analysis with potential price targets for XRP. This approach focuses solely on historical price movements and general market liquidity, excluding factors like utility, DeFi, and Automated Market Makers (AMMs).
EGRAG CRYPTO’s method segments historical price pumps into distinct sections, specifically those observed in 2017 and 2021. Crucially, he then divides the peak values of these sections into two. This strategy aims to identify potential price targets for XRP in the current market cycle while adopting a conservative stance.
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It assumes current demand levels remain constant and disregards potential influences from utility, DeFi integration, or other emerging trends within the XRP ecosystem.
By applying this methodology to the 2017 XRP price movements, which included three impulsive waves, EGRAG CRYPTO arrives at three potential price targets: $1.96, $15, and $66.
These targets are derived by halving the peak values achieved during each segmented pump within the 2017 cycle. Other analysts have also predicted a move to $1.96 for XRP, and it could be the start of something big.
Following the same logic, EGRAG CRYPTO analyzes the 2021 XRP price pumps. By dividing the peak values of those pumps by two, a potential target of $2.8 emerges.
The analysis acknowledges the possibility of price fluctuations within the near future. EGRAG CRYPTO suggests that reaching a price range of $2.8-$3.5 might trigger significant profit-taking activity, leading to a potential retracement. However, the analyst emphasizes a long-term perspective, advising against selling based on short-term volatility.
The analysis concludes by drawing a parallel between holding XRP and a long-term investment strategy in prominent technology stocks (FANGMAN). EGRAG CRYPTO suggests that holding XRP since its inception could outperform various short-term trading tactics.
Read Also: Analyst Who Accurately Predicted 2022 Market Crash Issues New Bitcoin and Ethereum Warnings
It is vital to acknowledge the limitations inherent in this analysis. Focusing solely on historical price data disregards potential future developments within the XRP ecosystem or the broader cryptocurrency market. Factors such as regulatory changes, institutional adoption, and technological advancements can significantly impact future price movements.
EGRAG CRYPTO’s analysis provides a unique perspective on XRP price targets. His analysis of historical performance shows that XRP has immense potential and can outperform expectations. Analysts have predicted a rocket rally, and all agree that a massive surge is coming.
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