Market analyst EGRAG shares an optimistic forecast for XRP, leveraging pointers from the Super Guppy indicator to project a rally to greater heights.
Notably, analysts typically use this technical Indicator to identify trend reversals and potential breakout opportunities. Interestingly, EGRAG found that the tool suggests XRP may be gearing up for a massive price surge, similar to its previous bull runs.
The XRP Super Guppy Indicator
EGRAG highlighted the Super Guppy on a 5-day XRP chart, which has persistently provided reliable signals for major price movements. According to the analyst, the indicator uses two sets of moving averages with varying time periods to pinpoint potential shifts in market trends.
EGRAG drew attention to is the nature of XRP’s price action, which follows certain patterns. Specifically, it has trailed the repeating pattern of large downturns (marked in red) followed by exponential price increases (represented in green).
As seen in the 5-day chart, the first major red downturn began in May 2015 and ended in February 2017. This bearish period marked a long consolidation phase for XRP, with prices stagnating below $0.01.
However, once the red phase completed and the green phase commenced, XRP experienced a parabolic surge. By January 2018, XRP had rocketed to an all-time high of $3.31, marking a staggering increase from its February 2017 low of $0.005.
XRP’s 2021 Uptrend
After peaking at $3.31 in January 2018, XRP retraced, entering another extended red downturn starting in November 2018. This bearish phase persisted until June 2020, when XRP reached a low of $0.1769.
Notably, the following green phase started in October 2020, sending XRP as high as $1.96 by April 2021. However, it faced a correction before it could reach its previous all-time high. This correction culminated in the third downturn designated by the Super Guppy.
Now, with the completion of a third red downturn, EGRAG argues that XRP is set for another mega rally. The analyst draws parallels between the historical price action of XRP and the current setup, implying that the market may be gearing up for a surge similar to the 2017-2018 bull run.
Projected XRP Targets
EGRAG also mapped out potential price targets for XRP. His ultimate target is an ambitious $99, which he bases on Fibonacci extensions and historical market behavior. Meanwhile, key milestones along the way include $3.37 and $13.69.
According to his theory, XRP is likely to follow the familiar path of a long red duration (bear market) followed by a strong green phase (bull market), with multiple stages of bullish momentum potentially leading to this lofty price target.
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