Renowned XRP bull EGRAG has emphasized XRP’s potential to rally 89% to his $1.2 short-term target.
In a recent examination of XRP’s behavior, EGRAG noted the emergence of a distinctive “W” wave in XRP’s 3-day candlestick pattern over the past nine months.
According to the analyst, this formation mirrors a historical pattern observed during a pre-bull rally phase for XRP.
XRP Surging to $1.2 Short-term
Given its historical resemblance, EGRAG pointed out that XRP is potentially set for a significant uptrend. Accordingly, he emphasized that the formation is consistent with his short-term projected values for XRP.
In particular, EGRAG anticipates XRP to hit $1 on the non-logarithmic scale and $1.2 on the logarithmic scale. With XRP at $0.6317 at press time, this suggests the analyst is eagerly awaiting an 89% gain for XRP soon.
#XRP Wave 10 ( $1 – $1.2) 🌊🔟:
The 10th "W" Pattern is exceptionally well-aligned with the current market setup, signaling a potentially significant move.
Target Prices Remain Consistent:
1) Non-Logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY STEADY and Appreciate the… pic.twitter.com/PS6xZi1FFv— EGRAG CRYPTO (@egragcrypto) March 24, 2024
Meanwhile, in the accompanying chart, the analyst noted the possibility of this bullish forecast being invalidated. Specifically, EGRAG highlighted a worst-case scenario where XRP could plummet by 30% to approximately $0.44518.
This outlook has sparked concern among enthusiasts, with one questioning the possibility of XRP revisiting this low.
Long-term Target of $27
Notably, EGRAG’s recent post about XRP potentially reaching $1.2 comes after earlier analyses in which the market watcher projected various targets for XRP.
In one of these analyses, he highlighted the similarity in XRP’s current moving averages across 20 and 50-day timeframes to patterns observed in 2017.
Following this observation, he provided three interpretations, one of which suggests the possibility of XRP undergoing a sudden and aggressive surge similar to what the market witnessed in 2017.
As a result, EGRAG emphasized that his $27 target for XRP this bull season remains intact, a value he anticipates by November this year.
Earlier this month, EGRAG proposed the possibility of XRP skyrocketing to $17 by May, contingent upon Bitcoin establishing a new all-time high and experiencing minor retracements before resuming its upward trend.
At press time, XRP trades at $0.6317, with barely any gains over the last 24 hours.