Despite the prevailing price consolidation, prominent chartist Egrag forecasts a possible 777% upsurge in XRP value within the next seven days.
Following the massive pump triggered by Judge Analisa Torres’ ruling in the Ripple v. SEC lawsuit, XRP is currently struggling to retain the $0.75 threshold. Amid this situation, Egrag, a notable chartist, forecasts a 777% rally for XRP within seven days.
Egrag made the ambitious price projection in one of his latest analyses of XRP’s price movements. The projection considered historical data suggesting that XRP had achieved a similar feat in the past.
#XRP In 7 Days: 777% Increase! ???
Mark your calendars, folks! In just 7 days, we will witness if the stars align and witness a jaw-dropping 777% increase in #XRP! ? But remember, let's take this with a grain of salt while remaining open-minded to all possibilities.
? Fun… pic.twitter.com/7uAmbSpgA0
— EGRAG CRYPTO (@egragcrypto) July 16, 2023
In his analysis, Egrag presented two similar XRP charts on a weekly timeframe: Chart A and Chart A*. Chart A is a representation of XRP’s price actions in 2017. On the other hand, Chart A* represents the asset’s current price movements.
By zooming in, the analyst presented a closer look on the daily charts. Despite drawing parallels with both charts, Egrag emphasized that the pattern could be a false signal. To this end, he urged that investors take this analysis with a grain of salt.
Notably, information from Chart A confirms that XRP appreciated by up to 106% in March 2017 following a period of bearish price movements. The asset hit a high of $0.0704 on April 2, 2017 before facing resistance mounted by the bears. However, XRP rallied 777.06% after overcoming the bearish pressure.
XRP Could Hit 6.57
According to Egrag, XRP is showing signs of a similar price movement within Chart A*. Recall that XRP already spiked by 99.26% on July 13 on the heels of the ruling in the SEC case. The asset surged from $0.4710 to a high of $0.9385 before it faced resistance.
Citing the similarities with the pattern observed in 2017, Egrag forecasted that XRP could again rally by 777%. He noted that this upsurge could occur within the next seven days. At its current value of $0.75, a 777% increase would take XRP to a price of $6.57.
While market fluctuations are common, the prospect of a surge as significant as 777% within a week is undoubtedly enticing. However, it is important to exercise caution and not regard this as investment advice.
As of press time, XRP is currently changing hands at $0.7529, with a 1.66% gain in the past 24 hours. The bears have continuously displaced XRP from the $0.75 psychological level. The recent mild uptick is XRP’s latest attempt at sealing its position above the threshold.
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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