A prominent XRP analyst, EGRAG CRYPTO (@egragcrypto), has reiterated his bullish prediction for XRP, maintaining a target of $27 for the coin within the current market cycle. This prediction hinges on his analysis of technical indicators, which appear to be mirroring historical trends observed in late 2017.
Technical Indicators Echo 2017
In his recent analysis, EGRAG CRYPTO compared XRP’s current price chart to one from roughly seven years ago. The comparison revealed a similarity in the formation of XRP’s simple moving averages (SMAs) across the 20-day and 50-day timeframes. This specific crossover pattern was also present during XRP’s significant price surge in late 2017.
Before that surge, XRP underwent a consolidation phase lasting 350 days, reflected in 49 weekly candles on the price chart. EGRAG CRYPTO’s analysis highlights that during this consolidation period, the 20 SMA and 50 SMA lines intersected, potentially signifying a turning point. Following this intersection, XRP experienced a dramatic price increase, rising from around $0.2 to a record high of $3.84 within 30 days.
#XRP 🚀 Is This Similar to 2017, or Are We Witnessing Something New?
The historical data reveals two crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA).
A) If this resembles Cycle 'A', then we could expect a rapid and aggressive price surge, akin to a rocket… pic.twitter.com/o8PVCqJP14
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
XRP’s Paths Forward
EGRAG CRYPTO suggests that the current price pattern on XRP’s chart exhibits a similar 350-day consolidation period. Based on this observation, he proposes three possible interpretations for XRP’s future price movement.
The first scenario posits that if the current formation aligns precisely with the one seen in 2017, XRP could be poised for a similarly explosive price increase.
Alternatively, the analyst acknowledges that the current pattern might share some characteristics, but not all, with the one observed during the 2021 bull run, where XRP reached approximately $1.96.
In this scenario, a substantial price increase might not be imminent, as the moving average and candlestick formations between 2021 and the present appear to have some discrepancies.
The third scenario is the most intriguing, as it acknowledges the possibility that entirely new and unforeseen factors could influence XRP’s price trajectory.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Analyst Leans Toward Bullish Scenario
Despite these various possibilities, EGRAG CRYPTO expresses a stronger inclination towards the first scenario, given the striking similarities between the current chart and the one preceding the 2017 surge. He emphasizes the potential for a significant price increase due to these apparent parallels.
Another prominent analyst recently drew parallels to the 2017 rally, predicting a massive surge for XRP. Furthermore, EGRAG CRYPTO highlights a price symmetry between 2017 and the current value of XRP, with a factor of 10 difference. Based on this observation, he reiterates his unwavering prediction of XRP reaching $27 by the end of the current market cycle.
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