A bold prediction for XRP’s future price has emerged from crypto analyst EGRAG CRYPTO. In a tweet, the analyst suggested that Ripple’s token could reach $27 if it experiences half the pump seen in 2017.
Moreover, this forecast is based on an analysis using the Fibonacci Channel, which EGRAG describes as “an amazing leading indicator.”
#XRP Half Pump Could Lead to $27! The Fib Channel is an amazing leading indicator! If #XRP experiences half of its 2017 pump, it could reach the 0.618 Fibonacci level. This puts the target around $27!The gate will swing wide open once we close above 0.75c with conviction!… pic.twitter.com/5sG4YM6L4l
— EGRAG CRYPTO (@egragcrypto) August 29, 2024
XRP Price Analysis
EGRAG CRYPTO’s tweet focuses on Fibonacci Channel, a set of parallel lines drawn over XRP’s historical price data that are derived from key Fibonacci retracement levels.
These levels, which are 0.236, 0.382, 0.5, 0.618, and 0.702, are important. They are crucial for determining when price movements could reverse or continue.
Egrag emphasizes that a substantial upward advance may be possible if XRP can close above $0.75 with sufficient conviction.
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$0.75: The Crucial Breakout Point
The $0.75 level is identified as a crucial resistance point for XRP. EGRAG CRYPTO emphasizes that a decisive close above this level could signal the start of a bullish rally.
Moreover, this would potentially allow XRP to follow the path suggested by the Fibonacci Channel, leading to the projected $27 target. Additionally, the tweet suggests that breaching this resistance could “swing the gate wide open,” enabling XRP to gain bullish momentum.
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Show more +Show less – A Historical Comparison to 2017
The prediction of a $27 XRP is grounded in historical performance. In 2017, XRP experienced a massive price surge. Moreover, EGRAG CRYPTO posits that even a half-sized rally could propel XRP to the 0.618 level, corresponding to the $27 mark.
Besides, his analysis implies that, should similar market conditions arise, XRP has the potential to replicate a portion of its past success. Furthermore, this means reaching new heights in the process.
While the analysis presents an optimistic outlook, EGRAG CRYPTO also calls for caution. The phrase “STAY STEAD” in the tweet serves as a reminder to the XRP community that market volatility is always a factor, and while the $27 target is achievable, it is not guaranteed.
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