XRP Analyst Maintains $27 Price Target
XRP Analyst Maintains $27 Price Target
A renowned analyst has upheld XRP's $27 price target, citing technical similarities to its 2017 rally.
A prominent crypto analyst recently made a prediction that the price of the XRP Ledger’s native token, XRP, could soon reach $27 in the current market cycle. His analysis is based on the agreement between XRP’s current price chart and historical patterns observed in 2017.
Analyst at EGRAG Crypto pointed to a crossover between XRP’s 20-day and 50-day simple moving averages (SMA), a similar technical signal that appeared before the XRP boom of late 2017, before the cryptocurrency climbed to a record high above $3.
Before that, after a 350-day price consolidation period with 49 weekly candles, there was a strong price rally, taking XRP from around $0.20 to a record high of $3.84 in in less than a month. The analyst described this as “a powerful leap, like pushing a rocket ship into the air.”
The analyst also mentioned an alternative scenario in which this model could be more consistent with 2021’s bull run, which would see XRP reach around $1.90, suggesting a less drastic price increase. He emphasized that the price of XRP may be experiencing “something completely new and unexpected”.
#XRP 🚀 Is This Similar to 2017, or Are We Witnessing Something New?
The historical data reveals two crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA).
A) If this resembles Cycle 'A', then we could expect a rapid and aggressive price surge, akin to a rocket… pic.twitter.com/o8PVCqJP14
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
Despite these possibilities, EGRAG proposes the first interpretation, with a focus on the possibility of significant upside based on similarities with the 2017 pattern. He further strengthens his argument by highlighting the 10x symmetry in XRP’s price compared to 2017.
As a result, EGRAG reaffirms his $27 price prediction for the cryptocurrency, which has so far failed to prove effective against the overall crypto market, and he advises XRP investors to “stay hold”.
In a technical analysis published last year, one cryptocurrency analyst predicted that XRP’s price could soon see a “super pump,” although he also advised investors to be “cautious.”
Related: XRP Lawsuit Update: Forecast and Prospects
In the article, the analyst applied a technical tool that uses moving averages and standard deviations to highlight potential price movements, called Gaussian Channels, to identify support and resistance levels. Potential resistance for XRP.
He notes that the “adjustment of support and resistance targets” within the range of the Gaussian Channel “reflects the histograms differently,” which adds to their importance. Support levels have been identified at $0.50, between $0.54 and $0.55, and at $0.60.
Currently, XRP is trading near the $0.57 mark after losing about 6% of its value since the beginning of the year. The cryptocurrency has dropped more than 16% in the past week, amid a broader correction in the crypto market.
