XRP could witness two remarkable rallies in the coming years that would skyrocket its value to $150, according to recent insights from a seasoned analyst.
Renowned crypto analyst EGRAG predicts a potential XRP rally that could see the asset soar to an astonishing $150. EGRAG’s latest analysis draws parallels with historical data from XRP’s previous cycles, with a focus on the 3-month chart.
XRP Previous Rallies
EGRAG begins by delving into the previous cycle (Cycle 1), where XRP exhibited two notable rallies between 2013 and 2017.
#XRP Could This Cycle Eclipse 2017?🚀
Critics gonna criticize, so let us focus on the listeners and allow me to explore some captivating insights!
Ladies and gentlemen, lend me your ears! 🎧 I've got some riveting data to unveil, all grounded in a 3-month time frame. 📊
— EGRAG CRYPTO (@egragcrypto) September 3, 2023
The first rally saw XRP appreciate by a staggering 910%, closing 2013 at $0.0274. During this period, XRP formed a symmetrical triangle that endured until the first quarter of 2017, when it decisively broke out, closing the quarter at $0.2486.
A symmetrical triangle is a chart pattern with converging trendlines marked by higher lows and lower highs. The pattern typically signals market consolidation and indecision before a breakout. The breakout could go upward or downward.
Following the breakout of the symmetrical triangle in Q1 2017, XRP continued its ascent. Amid the sustained ascent, the asset staged the second notable rally in Q4 2017, soaring by 770%. This second rally propelled XRP to new heights, as it closed the year at $1.9900.
An Anticipated Repetition
EGRAG applies this historical perspective to the current cycle (Cycle 2). XRP is now caught in a similar symmetrical triangle pattern which began following the Q4 2017 rally.
EGRAG sees a possible breakout to the upside. The analyst hints at the potential for a measured move of approximately 2000% during the first significant rally. This surge could drive XRP to the $15 milestone.
However, the seasoned market watcher has a more ambitious price target. When considering a perspective similar to the second important rally in Q4 2017, EGRAG envisions XRP ascending to $150 or even higher in this current cycle.
EGRAG’s analysis emphasizes the importance of longer time frames in yielding more dependable signals. The analyst also challenges those who predict significantly lower outcomes for XRP, suggesting that this cycle may well surpass even the loftiest expectations.
When questioned about the catalyst for such a remarkable increase, EGRAG offers a hypothetical scenario, highlighting the potential impact of a major announcement.
He outlined a scenario in which a major bank, such as Bank of America (BoA), publicly embraces XRP as the primary digital asset for cross-border transactions. He believes such a declaration could catalyze the expected surge in XRP’s value.
Currently, XRP is trading at $0.5026, with a marginal 0.65% decline over the past 24 hours. The asset has been trading within a narrow range since September 4, showing resilience against significant drops below the $0.49 mark.