XRP news today: XRP Targets $17-$55 as Analysts Predict Bullish Breakout

Crypto analyst Egrag Crypto has predicted a potential macro channel breakout for XRP, suggesting that the altcoin could reach double digits if the breakout materializes as expected. This prediction comes as the XRP price is currently in its fifth candle, with historical patterns indicating a potential mega monthly candle. If XRP follows this pattern, the target of $17 is likely to be achieved.

Egrag Crypto further elaborated on this prediction, stating that the measured move points to a potential high of $55. He noted that while he is eyeing the $27 target, the altcoin is likely to surpass this level and move towards the $55 mark. This ultra-bullish prediction is based on the analyst's observation of the current market conditions and historical price movements.

In another analysis, Egrag Crypto suggested that XRP could reach at least $27 in the current market cycle, mirroring the 2017 bull run. He predicted that the altcoin would reach double digits by the end of Wave 3 this summer, with Wave 4 unfolding over the next three years. Following this, a bear market is expected, after which XRP could reach triple digits in the next bull run, potentially hitting as high as $120.

Crypto analyst XRPunkie also drew attention to a bull pennant forming on the weekly chart for XRP. This bullish pattern is expected to break out once XRP completes its final pullback to between $1.80 and $2. The technical target of this bull pennant is between $13 and $14, although XRPunkie warned of potential pullbacks along the way.

Ali Martinez, another crypto analyst, indicated that the short-term target for XRP is between $2.70 and $2.90. He noted that the altcoin appears to be breaking out of an inverse head and shoulders pattern, which could drive the price to these levels. At the time of writing, XRP is trading at around $2.2, reflecting a slight decline in the last 24 hours.

According to the analyst's forecast, the XRP price is poised for significant growth if the macro channel breakout occurs as predicted. The potential targets of $17 to $55 represent a substantial increase from the current price levels, highlighting the optimistic outlook for XRP's future performance.