Renowned market analyst EGRAG recently posted an update on XRP’s price. According to the analyst, XRP’s next 41% rally will result in massive price gains. EGRAG makes this prediction despite XRP’s well-documented struggles around the $0.5 price level.
Other analysts also believe that XRP is repeating a similar pattern observed in 2017 before its massive price surge.
XRP to Witness a 41% Surge Soon
Although XRP ranks among the top cryptocurrencies, its price remains below $1. However, EGRAG and other analysts are optimistic that XRP could exceed $1 if it meets certain conditions.
EGRAG presented a bullish micro perspective chart for XRP, highlighting a potential breakout to a legendary upside. However, he noted that a 41% rally is needed for XRP to move to the edge of the symmetrical triangle.
Historically, XRP experienced a 41% surge in 2017 before a massive rally. So, EGRAG believes history is bound to repeat itself, leading to another rally for XRP. However, the analyst admitted that he could not predict the exact percentage of the next rally. But the 1.618 Fibonacci level is his ultimate target for XRP.
In Addition, he stated that XRP’s price moves and the Fibonacci targets suggest that XRP hitting double digits is inevitable. Data from EGRAG’s chart reveals that the Fib 1.618 aligns with $27 as a price target.
This price target has three potential resistance levels: $3.31, $7.35, and $13.5. Breaking above these levels will strengthen XRP’s rally to $27. However, EGRAG called for caution among the XRP Army due to the unpredictable nature of cryptocurrencies.
EGRAG’s XRP’s Short-Term Price Predictions Attract Criticism
In another analysis, EGRAG focused on XRP’s short-term price momentum in the monthly time frame. He noted that XRP formed a 75% inverted hammer at the bottom, a chart pattern often indicating a potential uptrend.
Based on this observation, EGRAG believes that XRP could rally to $0.75 in the short term based on the inverted hammer chart pattern. He also predicts that XRP might record a notable price increase by July 2024 and overcome all resistance.
He further noted that XRP will rally to the $1.20-1.50 price range when it breaks above $0.75. However, it will eventually drop from the $1.20 range to retest the $0.75 support.
Meanwhile, not many agreed with EGRAG’s predictions. One of his X followers, CryptoFash, reminded the analyst about his $5 XRP to rally prediction in April, which never happened.
Instead, XRP failed to rise above $1. CryptoFash believes that XRP’s price will remain stagnant until the end of summer. Another follower, 400BRA, urged the public to sell XRP once it rallies. He claims that whoever does not sell XRP tokens when it rallies will suffer for another four years.
These negative reviews for XRP are likely due to its prolonged lackluster performance intensified by Ripple’s legal issues. Nevertheless, some individuals like EGRAG remain optimistic about an XRP rally.
