Cryptocurrency analyst Egrag Crypto has suggested that XRP has the potential to make a significant rally in the current market cycle, with the price potentially rising to as high as $27. This prediction was made based on past price action and technical analysis. The analyst stated that a similar explosion could occur when looking at XRP’s past uptrends.
Egrag Crypto examined the price movements of XRP in previous cycles. He said that similar technical indicators are also observed in the current cycle, especially after the massive 50,000% increase in 2017. The breakout of the 21 Exponential Moving Average (EMA) level was considered a sign of a new price explosion. According to the analyst, although not as large as in the past, there is still a possibility of an increase of about 4,770% in the price of XRP.
The analysis also draws attention to the important resistance and support levels that XRP may encounter in the short term. It is stated that if the price falls below $ 2, there may be a risk of decline, while if it rises above $ 2.65, the upward momentum will strengthen. In this process, the lawsuit between Ripple and the SEC also stands out as an important factor for the cryptocurrency. A positive decision in favor of Ripple could contribute to the price moving upward.
In addition, Ripple’s development of new products and strategic partnership projects could also support XRP’s future rise. Other analysts, such as CoinGape, state that XRP could rise to $10 in the short term. The basis of this prediction is the potential for a positive change in market dynamics.
Egrag Crypto recommends investors to make informed decisions based on technical analysis. XRP is expected to show a consistent rise based on historical data and volatility is expected to occur in line with market conditions.
