Market analyst EGRAG believes the next 41% price upswing for XRP would eventually lead to a legendary upside featuring massive gains.
The analyst disclosed this in a recent report amid XRP’s struggles around the $0.5 price level. Despite the underperformance, XRP has captured significant attention due to multiple ambitious price forecasts. Market watchers contend that XRP is repeating a pattern similar to what it observed in 2017 before the meteoric surge.
An Imminent 41% Price Increase
Particularly, EGRAG’s recent analysis suggests that XRP is poised for a mild 41% rise. However, the skilled chartist emphasized that this mild 41% increase in XRP’s price would herald a much more substantial price rally, leading to the much-needed breakout to the upside.
🚀 #XRP The Next 41% Pump Will Be EPIC! 🚀
In a MACRO view, the chart below is insanely #Bullish, and the breakout to the upside will be NOTHING SHORT OF LEGENDARY! 💥📈
We need a 41% pump to be on the edge of the triangle. In 2017, we experienced a similar 41% surge, and then… pic.twitter.com/uLWbyekEJw
— EGRAG CRYPTO (@egragcrypto) June 7, 2024
He highlighted a macro perspective on XRP’s price chart, describing it as extraordinarily bullish. Notably, he pointed to historical data, specifically a similar 41% increase in 2017, which preceded a remarkable spike. Following a period of sustained underperformance in 2017, XRP recorded a simple 41% rise.
Interestingly, this 41% rise set the groundwork for the upsurge XRP recorded from January 2017 to January 2018, culminating in an all-time high of $3.3. This historical context forms the basis of EGRAG’s confidence that a repeat performance is on the horizon.
Per the accompanying chart, XRP is currently trading within a symmetrical triangle similar to the one witnessed back in 2017. A breakout following the 41% rise would bolster the chances of an uptrend. While EGRAG admitted to not being able to predict the precise percentage increase, he identified the Fibonacci 1.618 level as his ultimate target.
XRP Could Target $27
Data from the chart suggests that the Fib. 1.618 point aligns with the $27 price, a value he has persistently argued that XRP could clinch. The path to this target features three potent Fibonacci resistance levels, with the first one resting on Fib. 1 ($3.31). The next two roadblocks sit at Fib. 1.236 ($7.36) and Fib. 1.414 ($13.5).
Breaching these levels would solidify the prospects of a push toward $27. Nonetheless, he stressed the importance of a well-thought-out strategy. Given the unpredictable nature of price movements, he advocates for a Dollar-Sell-Average approach. This method allows investors to systematically sell portions of their holdings as prices rise.
Meanwhile, in another analysis, EGRAG discussed XRP’s near-term momentum on the monthly time frame. He pointed to a significant bullish signal from the previous month. EGRAG noted a 75% Inverted Hammer formation at the bottom, a pattern often seen as a strong indicator of an impending upward trend.
XRP Monthly Inverted Hammer | EGRAG
The analyst is particularly optimistic about this signal, forecasting that the price could reach $0.75 in the near term. He even suggests that July 2024 might be a pivotal month characterized by substantial price fireworks. XRP currently trades for $0.4919, battling to recover and retain the support at $0.50.
