Prominent crypto analyst EGRAG CRYPTO (@egragcrypto) has revealed a bold prediction for XRP’s future, outlining a technical pattern dubbed the “Giant Cup” that could propel the asset from its current $0.5295 price point to a staggering $27.
This analysis, first presented in November 2023, hinges on XRP’s price action since its 2018 all-time high.
The “Giant Cup” metaphor arises from the chart formation. From the peak in January 2018, XRP plunged to a low of $0.11 in March 2020, carving out the steep left side of the cup.
The subsequent rally, now forming the cup’s right side, has yet to decisively breach the resistance line EGRAG CRYPTO calls the “Stratosphere.” This descending trendline, coinciding with the Fibonacci 0.702 level at $1.2, has acted as a formidable barrier for nearly six years.
EGRAG CRYPTO gives immense significance to this $1.2 threshold, dubbing it the “Valhalla Gateway.” If XRP conquers this critical level, a breakout above the Stratosphere will unlock the path to “Valhalla,” signifying explosive price gains.
His analysis projects a clear roadmap, beginning with a surge to $1.6, followed by a reclamation of the $3.84 all-time high, and further ascension to $7.5 as a new all-time high.
However, like many of his previous predictions, his target extends even beyond these impressive price levels. He envisions a parabolic scenario, with XRP reaching $13 and ultimately culminating in a price explosion up to $27. This audacious prediction aligns with EGRAG’s long-held conviction in XRP’s potential to reach this lofty price point.
Despite the bullish outlook, near-term uncertainties remain. XRP is still subject to market volatility. It has surged 1.81% over the past 24 hours thanks to Bitcoin’s recent rebound. However, there is still some uncertainty about the market’s direction.
EGRAG CRYPTO emphasizes the importance of holding the $0.55 support level, highlighting the risk of a drop below $0.50 on a weekly close. But XRP still has the task of reaching $0.55.
Even in this uncertain environment, the chartist maintains an unwavering focus on the bigger picture. He identifies a lower trendline, dubbed the “Atlas Line” at $0.43, as a potential safety net should XRP experience a further dip.
However, his analysis shows the power of the “Giant Cup” pattern, suggesting that any temporary setbacks are merely stepping stones on the path to XRP’s eventual $27 Valhalla.
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