XRP News Today: XRP Poised for 695% Surge to $17.5 as Historical Pattern Repeats

Prominent market analyst EGRAG Crypto recently provided insights into why he believes XRP is poised to reach a double-digit price. In his latest analysis, he identified a pattern from the 2020/2021 market cycle that led to a significant rally, culminating in a high of $1.96 in mid-2021. EGRAG suggested that this pattern is reemerging in the current market cycle, with a potential uptick to $17.5.

This pattern involves XRP’s interaction with the 21-week exponential moving average (EMA), which has historically acted as either resistance or support depending on the market trend. Historical data from early 2020 shows that XRP slipped below the 21-week EMA, dropping to a cycle low of $0.1140 in March 2020. This slip turned the 21-week EMA into resistance, posing a barrier for XRP’s breakthrough for 19 weeks.

However, XRP eventually overcame this resistance in late July 2020, leading to a sustained price rally that peaked at $0.79 by November 2020. This peak represented a 592% increase from the March 2020 low. Following this peak, XRP entered a consolidation phase, retesting the 21-week EMA as support. After reaching a low of $0.3684 in February 2021, XRP staged a second rally, pushing it to a new peak of $1.96 by April 2021. This second peak represented a 432% increase from the February 2021 low.

EGRAG’s analysis indicates that XRP is currently repeating a similar pattern. In November 2024, XRP broke above the 21-week EMA during a market-wide upsurge, leading to a peak of $3.4, a 580% increase from the early November 2024 price level of $0.5. Following this peak, XRP experienced a pullback in February and is now in a consolidation phase, retesting the support at the 21-week EMA.

EGRAG believes that XRP is on the verge of repeating the second rally from 2021. According to his projection, this second uptick could push XRP’s price to a new peak of $17.5, representing a 695% rise from the current price baseline of $2.2. EGRAG arrived at this price target by observing the surges from various rallies in relation to the 21-week EMA. Currently, XRP is trading at $2.12, up 5.42% this week after a volatile weekend.

When asked about the timing of the second rally, EGRAG cautioned against attempting to time the market, emphasizing the importance of thorough research before making any investment decisions. This content is informational and should not be considered financial advice. The views expressed may include the author's personal opinions and do not reflect the opinions of any other entity. Readers are encouraged to conduct their own research before making any investment decisions.