A prominent market watcher has recounted an earlier plausible technical analysis, highlighting a potential XRP price rally to uncharted territory.
Market expert Egrag Crypto reiterated XRP’s potential for new price discoveries in an X post on May 7. The analysis highlighted a potent “epic gravitational fall” for the fourth-largest cryptocurrency by market cap, with its target an over 11-fold rally from its current price.
The noteworthy analysis comes on the heels of XRP’s price resurgence amid broader market bullish momentum. The digital asset has been up 4% since the start of the day, spurred by Bitcoin’s run to nearly $100,000 after the Federal Reserve’s unchanged interest rate announcement.
XRP’s Rally Is a Natural Course
Egrag pointed users to a valid X analysis from December 2023, projecting a massive XRP price rally. The commentary highlighted the token’s price development within a giant cup in the stratosphere on the monthly timeframe while leveraging an inverted chart.
The chart shows that XRP entered the space after its January 2018 all-time high of $3.55. While it attempted to break down from the stratosphere with its April 2021 peak of $1.96, dwindling momentum and prevalent regulatory clouds around the XRP ecosystem prevented the outburst.
However, Egrag noted that, as gravity stays constant, XRP will also obey natural laws. Eventually, the asset defied the stratospheric impediment by breaking below the 0.72 Fibonacci extension at $1.20. XRP’s meteoric upswing from 50 cents to nearly $2 in November ensured the breach.
With the indestructible law of gravity now in full swing, Egrag identified three targets upon breakdown. First, he predicted a rally of 525% from the break point and 240% from the current level to a new all-time high of $7.5.
Furthermore, he identified the second target at $13, a staggering 491% from today’s price. Ultimately, the market watcher asserted further gravity-enabled “free fall” to $27, marking a 1,140% upsurge from now and a 2,150% swell from the breakout Fibonacci level.
Analysis Confirms XRP to $27
Meanwhile, analyst Amonyx also predicted a potential XRP rally to $27 in a Wednesday commentary. He identified a developing bullish XRP price action in an accompanying chart, drawing inspiration from its historical performance.
For perspective, XRP broke from a symmetrical triangle with its over 500% November expansion, with sustained bullish traction steering it to the levels around the tip of the structure’s origin at $3.55. The expert compared its recent price action to a similar breakout in 2021, which saw the token surge to the 1.618 and 1.902 Fibonacci extensions.
Amonyx expressed confidence that XRP would mirror the performance, predicting a similar surge to the extensions. Notably, the chart shows that the 1.618 and 1.902 Fibonacci levels lie at $27.16 and $71.4, respectively.
In the meantime, XRP currently trades at $2.20.
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