Analyst Warns XRP Must Push to $22, or the Cycle Top Is Already In

A well-known market technician believes XRP will likely rally by another 674% to a two-digit price if it hasn’t already topped for this cycle.

Analyst EGRAG Crypto said this while discussing XRP’s current price position and its future outlook. For context, after dropping from the $3.66 peak in July to a floor price of $2.69 on Sept. 1, XRP appears to have entered a recovery phase, having gained 5.57% since the recent floor.

Does XRP Have More Room for Growth?

Meanwhile, discussions around XRP’s top price for this bull run have gained steam. While some believe there is no more room for growth beyond the $3.66 high, others insist there is, but suggest the potential push beyond $3.66 may likely not be by a large margin.

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For instance, market watcher Crypto Rover predicted late last month that while Ethereum (ETH) could reach a peak of $9,500 in the next four months, XRP may only see a top price of $4.8 within this period. This represented a mild 57% increase from its price at the time.

However, EGRAG disputed claims that XRP may top out at $4, projecting much higher targets. In his latest analysis, he still dismissed these claims but included an important nuance for a better market outlook.

According to EGRAG’s recent disclosure, if XRP is incapable of reaching his lofty $22 target, then it has already topped at $3.66, and there’s no in-between. He presented a chart detailing XRP’s historical price movements as a guide to his forecast.

While he placed the chart and broader analysis behind a paywall, exclusively for subscribers, the analyst provides a sneak peek for onlookers. Specifically, his chart features two curves at the top and bottom. The top curve has marked XRP’s peak for each cycle, while the bottom one has marked its bottom.

If XRP Has Not Topped, Then Its Peak Lies Around $22

For instance, in Cycle 1, when XRP hit the top curve at a price of $0.0614 in December 2013, this marked the top of that cycle. Meanwhile, in Cycle 2, XRP retested the top curve at a price of $3.31 in January 2018. Expectedly, this represented the top for that cycle.

However, in this cycle, despite XRP reaching a new peak of $3.66 in July, its price action is still far below the top curve. This essentially suggests that XRP might still have more room for growth before reaching its top for this cycle.

Notably, EGRAG’s chart shows that the top curve aligns with an XRP price of around $22, which represents a 674% increase from the current price of $2.84. The market analyst believes that if XRP still has more upside potential, then the next uptrend would take prices to this level.

However, EGRAG suggests the other possibility is that XRP would not observe another upward push, but maintain $3.66 as its peak, the same way it missed the top curve during the 2021 run. Nonetheless, multiple analyses do not agree with this. For instance, Batman recently predicted an imminent push higher after XRP swept liquidity and found support around $2.7.