A top market analyst has identified a catalyst for a rally to three double-digit prices for XRP, urging investors to take profit wisely.
Market expert Egrag Crypto shared the latest price update in an X tweet today as XRP continues to hold above $2. For context, XRP has been in a bearish price consolidation at the lower end of the $2 price mark, following a decline from its high of $3.40 in January.
XRP’s last attempt at $3 occurred in March, as it has lacked the required momentum to consistently post a price uptrend, joining a broader market altcoin underperformance. Nonetheless, Egrag Crypto, like some other analysts, remains convinced that XRP has not peaked this cycle, predicting an imminent price shift to unprecedented prices.
Bullish Formation Suggests Rally Imminent
In his latest commentary, Egrag Crypto asked XRP holders to choose their targets wisely, as he identifies a bullish formation with three targets, all of which are new all-time highs for XRP. An accompanying chart indicates that XRP recently broke out of a symmetrical triangle, which has a history of sparking significant price shifts.
For perspective, XRP entered a triangle in December 2017 on the cusp of its bullish uptick from $0.23 to its current all-time high of $3.84. It consolidated within the triangle for years before its breakout in November 2024 amid the Trump-led rally.
Spurred by bullish momentum from Donald Trump’s election victory, XRP broke from the seven-year symmetrical triangle, rallying to its January peak of $3.40. While this is a strong upsurge, Egrag Crypto’s chart suggests it has yet to attain the full potential of its breakout.
For context, XRP surged 1,570% when it broke out of a similar structure years back, but with a shorter consolidation timeframe. It traded within the symmetrical triangle between late 2013 and 2017, breaking out at $0.23, followed by a meteoric rise to $3.84.
However, XRP has rallied just 486% from the breakout point in November, with Egrag Crypto suggesting it is not done yet. Meanwhile, the analyst drew up three targets for the breakout using the lengths of different points from within the triangle.
Three Targets for XRP Following Breakout
Egrag Crypto identified the first target as $13.28, resulting in a 1,164% growth from XRP’s breakpoint of $1.05 in January and a 514% increase from its current price. Furthermore, the analyst set the second target at $17.76, which is 1,591% away from the breakout point and 722% from XRP’s price of $2.16.
Ultimately, he predicted that XRP would rally to $27.30, a target he realized from the entire length of the symmetrical triangle. This uptick will mark an impressive 1,163% increase from XRP’s current price and 2,500% from its November breakout point.
Interestingly, this is not the first time that Egrag Crypto has predicted that XRP would hit $27. He predicted that XRP would reach the price mark in early June, citing a bullish cross between the 21-week EMA and the 33-week SMA.
Meanwhile, the analyst also projected a $27 target when he shared a possible XRP reclaim of market dominance of 27% at the 0.50 Fibonacci level, with the global market cap reaching $5.5 trillion.
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.
