Notable analyst Egrag highlights the opportunities and challenges XRP would face on its journey to an ultimate price target of $27.
Egrag Crypto, a prominent crypto analyst, has continued to uphold his narrative of a $27 price target for XRP. The notable chartist recently compiled several analyses he had previously made to highlight the opportunities and challenges XRP will face on its journey to the price target.
The analyst sought to identify these factors in a composite analysis dubbed “The Bermuda Triangle Chart.” He highlighted seven crucial points in XRP’s journey to $27 in the coming days. These points had been addressed in past analyses.
The Seven Arcs, Equilibrium Price, and Atlas Line
Egrag highlighted the seven arcs, which represent seven Fibonacci price targets. These arcs are drawn around important price levels, particularly resistance points. Notably, the first arc is set at $0.60, the third arc at $1, and the seventh arc at $27. XRP would need to conquer each of these arcs to hit $27.
The analyst also put XRP’s market-clearing price at $1.90. A market-clearing price is at which the number of people willing to sell XRP equals the number of people willing to buy XRP. At this price, there is no excess supply or demand for XRP, and the market for XRP would be in equilibrium.
Moreover, Egrag called attention to the atlas line, a diagonal line that has been serving as support for XRP whenever the asset faces a sharp drop. He noted that XRP needs to tower above this line by all means. This can only happen with a price surge, as observed between 2015 and 2017 as well as between 2017 and 2022.
The Final Wake-up Line and the Red Lake
He further highlighted a point called the final wake-up line, which he believes would lead XRP to a fierce zone dubbed “the red lake.” Notably, the final wake-up line currently sits at $0.60, which is the point of the first arc. Once XRP conquers this point, it will slip into the red lake.
The red lake is one of the most decisive regions in XRP’s journey to $27, as it represents an area where the bears (sellers) and the bulls (buyers) will struggle to take control of the XRP’s next price point. The second and third arcs are within the red lake.
The Stratosphere and Blue Ocean Regions
According to him, towering over the red lake would bring XRP to a region Egrag calls the stratosphere, which will either propel XRP’s price higher or prevent it from rising for several months.
However, once XRP conquers the stratosphere region, it would skyrocket to the blue ocean region where “sharks and whales will start coming to swim.” This possibly refers to a point when XRP will see demand from mid-sized investors (sharks) and deep-pocketed investors (whales). Notably, four arcs are found within the blue ocean zone, including the $27 arc.
Meanwhile, XRP is changing hands at $0.464 as of press time, up 1.34% in the past 24 hours. The asset has continued to defend the $0.46 point despite occasional dips, looking to leverage it for the next run.
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