- EGRAG Crypto predicts that XRP price could spike to $27, drawing similarities to its previous peak in 2017.
- The analysis highlights the need for investor prudence and presents a possible alternative scenario.
A popular crypto analyst, known as EGRAG Crypto, has made a very bullish prediction for XRP Ledger’s main cryptocurrency, XRP.
Based on a thorough examination of market trends and important technical indicators, EGRAG suggests that XRP is about to embark on a remarkable rally that might push it to $27 within the current market cycle.
This eye-catching prediction is based on the fact that XRP’s recent price behavior is very similar to its historic, spectacular ascent in 2017.
Reminiscent of the XRP Price Explosion of 2017
The significant crossing event between XRP’s 20-day and 50-day simple moving averages (SMAs), which echoes the build-up to XRP’s historic price explosion in late 2017, is central to EGRAG’s prediction.
XRP had an incredible rise during this time, rising from roughly $0.20 to an all-time high of $3.84 in a matter of weeks. According to EGRAG, this significant price increase is a “rocket ship-style pump.”
What’s interesting is, while the majority of EGRAG’s analysis supports the 2017 scenario, the analyst also considers a different course that is similar to the more muted 2021 bull run. This second forecast calls for a significant but less dramatic increase in the XRP price.
#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
A Decade of Symmetry and a Daring Forecast
The identification of a decade of symmetry in XRP’s price trends, which reflects the growth pattern observed in 2017, provides more support for the $27 price prediction.
EGRAG suggests investors be steady in spite of XRP’s decline this year in comparison to the overall cryptocurrency market, indicating a strong belief in the impending price rebound. For a deeper dive into these developments, a detailed explanation is available in this YouTube video.
Using Caution in the Face of Positive Outlooks
EGRAG had predicted a “mega pump” for XRP in a previous analysis, but suggested investors take caution in the face of the optimistic outlook. This analysis, which ETHNEws previously reported on, used the Gaussian Channel, a sophisticated analytical technique that aligns potential price trajectories by combining moving averages and standard deviations.
By using this method, pivotal support levels were found at $0.50, between $0.54 and $0.55, and at $0.60, supporting the thoroughness of the analysis.
Yesterday, BitMEX announced the addition of XRP to its spot trading platform, a strategic move just before the crucial Ripple vs. SEC lawsuit deadline, as previously reported by ETHNews.
Meanwhile, the price of XRP seems to be rebounding after falling more than 10% during the week; it has increased by 2.18% in the previous day to $0.6079. As a result, its market value is now $33.36 billion.