According to market analyst EGRAG, there is growing confidence that XRP’s price will explode by 888% if it can reclaim its previous highs.

In his latest analysis, EGRAG points to a specific repeating chart pattern observed on XRP’s 1-month chart, noting its similarities to price action in 2017.

During this period, XRP repeatedly touched the red ascending support line four times before entering a historic bull run in 2017. Today’s chart appears to reflect this as XRP recently touched the same ascending support line for the fourth time.

EGRAG believes that once the market meets certain conditions, bulls can gather enough strength to push XRP up to $31. Interestingly, this $31 level coincides with a major Fibonacci Extension level (Fib 1.618).

XRP Monthly Chart | EGRAG Crypto

$31 Target: What Needs to Be Done

Notably, EGRAG believes that the key to greater gains lies in surpassing XRP’s all-time high price of $3.31 set during the 2017/2018 cycle. Recall that during the bull run at the time, XRP surged from a low of $0.003 in January 2017 to a high of $3.31 in January 2018.

EGRAG believes that if XRP recaptures its peak of $3.31, then just a 20% gain would be enough to send it soaring again after XRP gained 4,500% following the 2017 bull run.

This would bring the price in line with the Fib 1.618 level with the first major target at $6.50 based on the highs achieved in 2021. Beyond this, XRP could climb towards the ultimate target of $31.

XRP Short-term Outlook

While the long-term outlook is bullish, XRP’s short-term outlook presents mixed sentiment. As of this writing, XRP is trading around $0.5889, facing an uphill battle to stay above the critical resistance level of $0.60.

According to the daily chart data, XRP remains below the Ichimoku Kinko Hyo short-term conversion line at $0.5937, which currently acts as an immediate resistance despite the ongoing market recovery.

XRP Daily Chart

Nonetheless, XRP has found some support near the Base Line ($0.5578) and Leading Span A ($0.5757), allowing it to maintain a relatively stable position above these key levels.

This suggests that although resistance remains strong, XRP is not facing immediate downside pressure and may continue to consolidate around current levels until it breaks higher or falls back to support.

The daily RSI reading of 54.91 suggests that momentum remains neutral to slightly bullish. If XRP can decisively break above $0.60 and hold that level, it could signal the start of a new uptrend.