According to a prominent crypto analyst and market watcher, XRP is on the verge of repeating historical movements, which could result in a $124 price.
Renowned crypto analyst Egrag recently shared a price projection for XRP. Focusing on technicality and rationality, the analysis suggests an imminent surge in XRP’s price to $10 or $124. Egrag highlights XRP’s potential legal clarity as a differentiating factor from other assets.
The analysis begins by emphasizing the possibility of history repeating itself, implying that XRP’s past performance may offer insights into its future trajectory.
#XRP RGB 1 & 2 ( 10$ or $124)!!!!
Simple, Rational:
Don't dismiss the possibility of history repeating itself just yet. #XRP might be the only #Crypto with legal clarity, unlike even #BTC which lacks it except for some #SEC officials acknowledging it.? Simple, TA:
Based on… pic.twitter.com/GsW9pchR51— EGRAG CRYPTO (@egragcrypto) June 19, 2023
Egrag’s focus on historical patterns stems from a rational outlook on XRP’s price movements. Based on this rational point of view, the analyst also highlights that XRP could emerge as the only asset with complete regulatory clarity. This could catalyze a massive price surge.
In the technical analysis aspect, Egrag delves into the price projections for XRP, employing trading proverbs and historical patterns. Egrag identifies a critical Fibonacci level of 1.618 at the $10 price. The analysis implies that XRP has the potential to surge to $10, possibly riding the wave of bullish sentiment.
Building upon this bullish sentiment, Egrag’s analysis extends the target even further to a Fibonacci level of 2.618, stationed at the $124 price point. According to Egrag, XRP’s surge to $10 could come without significant resistance, with XRP leveraging this point to hit $124.
XRP Would Need to Rally by 24,950%
Notably, at its current value, XRP would need to rally by 1,920% to hit a price of $10. In addition, attaining the ultimate projected price of $124 would require a significant 24,950% surge from XRP.
Interestingly, XRP had surged at a much higher rate in the past. XRP rallied from the $0.00564 price it closed in August 2013 to a high of $2.47 in December 2017. This rally marked a massive 43,695% increase in XRP’s value in three years.
Egrag’s recent analysis primarily takes into consideration this historical price movement. However, It is essential to note that while XRP has printed similar gains in the past, it is not guaranteed to register a 249.5x price surge.
Moreover, an XRP community member called attention to the assertion that should XRP repeat its historical pattern, the asset would witness a more extended period of sideways movement this time. Egrag acknowledged that there is such a possibility.
Meanwhile, XRP is changing hands at $0.4942, looking to seal its hold over the $0.50 level. The Crypto Basic recently noted that the asset looks primed to recover the $0.50 point. This report came up when XRP was trading at the $0.47 level. The asset briefly recovered $0.50 today but immediately dropped.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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