Analyst Adjusts XRP Mid-Term Target to $7 Following Recent Surge to $0.93

EGRAG, a seasoned market analyst, has made a significant adjustment to his targets for XRP, increasing the ultimate mid-term target to $7 from the initial $6.4 projection.

The move comes in the wake of XRP’s July increase, with which the asset surged to an impressive $0.93 price, surpassing the initial target of $0.85. EGRAG’s revised mid-term targets for XRP now stand at a range of $1 to $7.

Previous XRP Targets

EGRAG’s previous analysis on this came up in May, two months before XRP recorded its meteoric rise. In the previous analysis, the analyst pointed out that XRP was on the verge of breaking a downward trendline he calls the final wake up line.

He set up four mid-term price targets for the asset if it can break out of the final wake up line. The first target the analyst set up was at $0.85. Following this target, he set up three more projections at $1, $5.5 and $6.4. 

Revised Targets

However, the market had different plans. When XRP broke above the final wake up line two months later, it surged to a massive $0.93 high on July 13. 

This exceeded the $0.85 target the analyst had set up, marking an impressive 9.41% gain. This unexpected upswing has prompted EGRAG to recalculate his projections for XRP’s future performance.

EGRAG suggested that the current market activity is essentially a reevaluation of the initial surge, hinting at a forthcoming substantial price increase. To gauge the potential impact of the 9.41% gain, EGRAG made calculations aimed at presenting his new mid-term targets. 

The original target of $1, when increased by 9.41%, equates to approximately $1.10. Subjecting the $5.5 target to the same 9.41% increase amounts to roughly $6. Lastly, the $6.4 target, with the 9.41% boost, now stands at about $7. These revised targets imply a significant bullish sentiment and the potential for even higher returns.

Meanwhile, in the short term, XRP has hit a roadblock to its recent upsurge amid opposition to the broader market’s rally. The asset is down 0.13% over the past 24 hours, currently trading for $0.5452. At its current price, hitting a $7 would necessitate a 1,183% price jump.