Market analyst EGRAG has presented a rather ambitious projection for XRP in the short term, predicting the crypto asset to reach a price of $5.5 in the next two weeks.
EGRAG’s latest report built on a previous analysis about XRP. In a May 22 post, the analyst drew out a downward sloping trendline he calls the “Final Wake Up Line.” XRP had continued to trade underneath this trendline since 2018, as it registered lower highs.
At the time of EGRAG’s initial analysis, XRP changed hands at $0.4639. The market analyst predicted that XRP could move to $0.85 or $1 as its first price target when it breaks above the final wake up line. He set up other targets at $5.5 and $6.4.
Interestingly, upon staging a break above the final wake up line in July, XRP rallied to the $0.93 zone, which lies between the $0.85 and $1 price targets.
After hitting this first target, the crypto asset faced a correction, dropping from the $0.93 high and retracing all the gains of July.
Optimism in XRP Trajectory
However, in his latest report, EGRAG confirmed that XRP successfully clinched the first target of $0.85 – $1. Amid the current market realities, the chartist projected that the market could see XRP hit the second target of $5.5 in the next two weeks.
This price projection has triggered skepticism within the XRP community, given the cryptocurrency’s abysmal performance in the wake of the recent bull rally. Nonetheless, EGRAG remains unfazed, confident that XRP would not disappoint in the long run.
The market analyst advised his audience to pay no attention to individuals who have not made any research on XRP to understand its capabilities.
He argued that XRP’s underperformance represents a ploy to make seasoned investors selloff their assets out of frustration. He advised against selling off one’s XRP holdings due to this frustration. According to him, the path to success is long-term HODLing.
XRP’s Current Conditions
Notably, XRP currently trades for $0.6314, down 0.33% today. To clinch the $5.5 target, the token would need to rally 771%. However, this journey would not be smooth, as XRP faces several resistance points below $5.5, including the $0.7528 level currently stationed at Fib. 0.5.
Interestingly, daily XRP’s Commodity Channel Index (CCI) currently stands at a neutral value of 38. The CCI recently slumped to -39, but has begun gaining momentum.
An uptick in the crypto asset’s CCI could suggest a potential momentum shift towards bullish activity. XRP’s 24-hour volume has also surged 10% to $1,550,944,438.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
