XRP is currently set on a path to a price target of $27, according to Egrag, who analyzed the asset’s price movements based on a $2.8 All time high (ATH).
Egrag, a prominent crypto analyst, recently shared insights on the potential triggers that could facilitate an ultimate rally to $27 for XRP. Egrag’s latest analysis is based on a previous disclosure from David Schwartz, Ripple’s CTO, who clarified that XRP’s ATH was $2.8, not $3.2.
#XRP @JoelKatz Assumption To 27$:
Assumption:@JoelKatz stated in one of his tweets that #XRP ATH was $2.8. Based on this assumption I will plot the Fib 1.0 at $2.8 Monthly Candle, I will not take the wick of the lows but I will take the candle body close for the bottom as… pic.twitter.com/uBhdrxgx8P
— EGRAG CRYPTO (@egragcrypto) May 19, 2023
Since Schwartz noted that the ATH value is $2.8, Egrag used this price as a reference point, plotting the Fibonacci 1.0 level on a monthly candle chart. The Fibonacci levels are a set of ratios derived from the Fibonacci sequence that traders often use to identify potential support and resistance levels in a price chart.
The seasoned analyst also disclosed that he would use the closing price of the candle body, rather than the low wick, as a reference point for the bottom.
Based on these parameters, Egrag confirmed that the Multi-Year Ascending Trendline (MYATL) has been holding up over an extended period. He further called attention to the confluence point, which refers to the intersection of the MYATL and the Fibonacci 0.382 level.
XRP Would Need to Surge by 5,775%
The analyst revealed that if the price of XRP closes above this confluence point with a full-body candle, it would indicate a confirmation that XRP has bottomed. According to him, such an occurrence would signal that the asset has hit its low point, and investors will not see another opportunity in the future to procure it at this price.
Egrag then called attention to the fact that XRP spent almost 1,200 days (over three years) in the grasp of the bears before staging its previous pump to the ATH. However, he emphasized that, in the current cycle, XRP has spent nearly 2,000 days (over five years) anticipating the mega pump. This suggests the current cycle may be due to a significant price movement.
Egrag forecasted that XRP’s next significant price run would take the asset to the $2-3 range, filling a gap in a pattern known as the MAWT (Mega Ascending White Triangle). After filling the gap, the price should follow a measured move based on the MAWT pattern, leading XRP to a preset target of $27.
At its current price of $0.4595, XRP would need to surge by 5,775%, or 57x, to hit a target of $27. Based on Egrag’s chart, the analyst believes this could occur from late 2024 to early 2025. However, this is a mere asset price analysis and should not be investment advice. XRP is currently down 1.94% in the past 24 hours.
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