XRP News Today: XRP Price Could Reach $46 Following Historical Patterns Says Analyst

Crypto analyst Egrag Crypto has predicted that the XRP price could reach $46 based on a historical pattern observed in the first market cycle. The analyst's analysis of the 3-cycle ride suggests that the altcoin could still reach double digits if it mirrors patterns from other cycles.

In a recent post, Egrag Crypto stated that if XRP repeats a pattern similar to the first cycle, market participants could see the XRP price touching $46. He highlighted the historical pattern in cycle one, where XRP dropped below the 21 Exponential Moving Average (EMA) and then plummeted by 5,550%. The altcoin then retraced back to the 21 EMA before dropping another 2,500%.

According to the analyst's forecast, if XRP follows the pattern of cycle 2, the price could reach $12. In the second cycle, XRP dropped below the 21 EMA, leading to a 150% breakdown. The altcoin then retraced to the 21 EMA before falling again by 500%. Egrag Crypto noted that averaging these projections of a 2,500% and 500% surge gives almost 1,500%, which roughly suggests a target of $30. However, the analyst stated that his estimate is $27.

Commenting on the current cycle, which is the third cycle, the analyst revealed that the XRP price has dropped below the 21 EMA, with a potential rise of 430%. He further noted that the altcoin is retracing back to touch the 21 EMA. If XRP stays above $2, Egrag Crypto claims that the EMA will descend to meet the price. He affirmed that this movement is imminent and very soon.

In another analysis, Egrag Crypto raised the possibility of the XRP price gaining 1,700% and rallying to $27 in just 60 days. He stated that if XRP is repeating the last section or pattern from October 2017, then the altcoin might be on the brink of a major breakout soon. Back then, it took the altcoin about 63 days to explode and set a new all-time high (ATH), surging by 1,772%.

If history repeats itself, Egrag Crypto is confident that the XRP price could be approaching $27 within the next 63 days. He reminded market participants that securing profits along the way is always wise as the altcoin rallies to this target. The analyst also revealed that breaking the $3 mark, the high from the February 24 candle this year, is the ultimate target in preparation for the rally to double digits.

At the time of writing, the XRP price is trading at around $2.33, up in the last 24 hours.