XRP Predicted to Surge 1,000% to $20 by Prominent Analyst
1min read XRP, the cryptocurrency associated with Ripple, has been in a consolidation phase, with the overall market showing signs of slowing down. However, a prominent crypto analyst, Egrag Crypto, has made bold long-term predictions for XRP, suggesting that the coin is poised for a significant price surge. Egrag Crypto's analysis is based on historical price movements and patterns observed in previous market cycles.
Egrag Crypto has identified a recurring pattern in XRP's price action, characterized by a prolonged bearish market followed by a substantial breakout. This pattern was evident in the 2,700% jump in value recorded in 2017 and the 1,000% price surge in 2021. According to Egrag Crypto, the current price movements of XRP bear a striking resemblance to those observed in 2017 and 2021, suggesting that a similar breakout could be on the horizon.
The analyst's projections are supported by technical indicators, specifically the 21-week Exponential Moving Average (EMA) and the 33-week Simple Moving Average (SMA). These moving averages have historically played a crucial role in identifying price bottoms and bullish trends. Egrag Crypto notes that a bullish movement typically begins when the price crosses above these moving averages, followed by a bullish cross within a 770 to 777-day period, confirming an uptrend.
Based on this analysis, Egrag Crypto predicts that XRP could surge to two predetermined targets. The first target is a more conservative estimate of $20, representing a 1,000% growth from current levels. The second target is a more ambitious prediction of $45, which would mark a staggering 2,700% increase in value. While external factors can influence price action, Egrag Crypto believes that XRP has the potential to repeat the patterns observed in 2017 and 2021.
The analyst also emphasizes the importance of the 21 EMA in predicting major XRP price movements. In the 2017 cycle, the 21 EMA provided support for the price, leading to a significant rally. Similarly, in 2021, the price crossing above the moving averages confirmed a bullish trend. Egrag Crypto acknowledges that these indicators are lagging behind current data but still provide valuable insights into the overall market sentiment.
Despite the potential for a significant price surge, Egrag Crypto acknowledges the unpredictable nature of the market, driven by human emotions. The analyst has previously predicted that XRP could reach $27, but emphasizes that market dynamics are beyond anyone's control. Recent developments in the XRP ecosystem support the coin's growth and projected bullish future.
