XRP recently broke out of its months-long bull pennant structure, but a prominent market analyst suggests its target could be much higher.
Notably, this breakout occurred during the recent rally above $3 weeks back, with the move setting $11 in view. However, market analyst EGRAG Crypto suggests this price might not reflect XRP’s full potential. Based on past patterns, he argues the real target could possibly be around $22.
EGRAG’s Falling Wedge Target Falls Short by 111%
In his latest analysis, EGRAG compared XRP’s current setup to what happened in 2023. Back then, XRP formed a falling wedge on the weekly chart after dropping from a $1.96 high in April 2021. This pattern dragged on for several months until the token fell to $0.35 in early March 2023. At that point, XRP broke out.
EGRAG expected it to rise to $1.43. However, instead of stopping there, XRP pushed much higher and reached above $3.30 by January 2025. This final price came in more than 111% higher than his original projection.
EGRAG said he shared this earlier example not to dwell on past performance but to show how crypto assets can go far beyond expectations. Data from his chart shows that the 2023 breakout built a foundation for XRP’s long-term rally, even though the price took time to gather strength.
Interestingly, the move set the stage for XRP’s jump to $3.40 in early 2025, a seven-year high. Notably, this rally formed the flagpole of what EGRAG now sees as a bull pennant pattern that started forming since the November 2024 uptrend. The run to $3.4 in January 2025 formed the flagpole of the bull pennant.
Pennant Breakout Eyes $11, But Actual Target Could be $22
After reaching the $3.4 peak, XRP pulled back and traded between $2 and $3 for more than six months. Chart data confirms that this price action shaped the pennant part of the formation. This month, XRP broke out of this pattern. Based on the size of the flagpole, EGRAG believes the breakout could drive XRP to $11.
Still, he asked an important question: what if, like in 2023, the new target also underestimates XRP’s true potential? If the same kind of price overshoot happens again, he believes XRP could run all the way to $22.
Meanwhile, EGRAG also shared what he observed recently about crypto price predictions. According to him, linear measured moves often fall short in today’s fast-changing market.
Instead, he sees more reliable results when applying logarithmic moves, especially for assets that show exponential growth. He pointed out that many patterns don’t just meet these projections, they sometimes surpass them.
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