Top Analyst Outlines Two Scenarios Where XRP May Surge 182% to $1.5

Prominent crypto analyst EGRAG states how XRP may soar by 182% in the next few weeks to reclaim the $1.5 price.

The analysis comes amid the resurgence of bullish momentum in the crypto scene, despite XRP trailing at the reporting time. Specifically, XRP trades at $0.531 with barely any positive gain over the past day and week.

Meanwhile, EGRAG emphasized his conviction in XRP cracking price thresholds not seen in the last few months. In the update, the analyst dissected the symmetrical triangle formations on XRP’s historical chart, focusing on the triangle formed by the most recent price actions. 

Notably, this triangle’s apex corresponds to XRP’s July 2023 peak of $0.93, while its base coincides with the dip to the $0.4 range. Based on the formation, he outlined two scenarios that may play out soon upon a breakout from the downtrend. This first case accounts for his most optimistic short-term projection.

#XRP Genuine Wake-Up Line (UPDATE):

This post is divided into two exciting sections:

Section 1: Break-out 💥
The "White Triangle" break-out is aligning perfectly with our previous charts and the Fib 0.702 – 0.786 levels. The measured move is projected to be between $1.2 – $1.5.… https://t.co/9eQlnnFM13 pic.twitter.com/HqsdESlE1O

— EGRAG CRYPTO (@egragcrypto) May 27, 2024

Case 1: XRP to $1.5 in Weeks

Specifically, EGRAG predicts “a measured move” that drives XRP to break out targets between $1.2 and $1.5. With XRP around $0.531, this analysis suggests an upcoming 182% price upswing.

Meanwhile, the analyst noted that XRP’s rally back into the $0.7 to $0.75 channel will ultimately confirm the $1.5 breakout target. In parallel, EGRAG voiced conviction that this projected breakout will surface in the next few weeks. 

Yet, the analyst acknowledged that a retest of the breakout level is possible, suggesting XRP might experience a dip or face additional resistance before the anticipated surge. Regardless,  he maintained that a significant rally for XRP is forthcoming, reaffirming his double-digit price target.

Case 2: XRP to $0.68

Regarding the second scenario that could play out from the symmetrical triangle formation, EGRAG considered the bottom prices XRP has established in the last ten months. According to him, XRP has been resilient, “holding strong like a boss” when observed.

In this scenario, the analyst pinpointed $0.577 as the critical resistance level for XRP to overcome. While the $0.5 mark serves as crucial support, he issued $0.6799 as the breakout point.

Notably, EGRAG’s latest update aligns with his ongoing analysis of XRP under what he terms the ‘genuine wake-up line.’

While he sets an optimistic $1.5 target based on the recent symmetrical triangle, his analysis of the more extensive triangle formation suggests an even more ambitious XRP price range of $5.89 to $7.5.