Timelines for XRP to Reach $6 and $27 Based on Bifrost Bridge Analysis
A leading market analyst, EGRAG, has shared new projections for XRP’s price trajectory, supported by his detailed Bifrost Bridge analysis.
The cryptocurrency has recently experienced remarkable growth, setting the stage for a bullish outlook.
In November 2024, the token surged by 283%, its most significant monthly increase in seven years. The positive momentum has continued into December, with a 26.4% gain recorded in the first 12 days.
Drawing comparisons to XRP’s performance in 2017, EGRAG suggests the current market behavior could lead to milestones at $6 and $27.
$6 and $27 XRP Price Targets Explained
EGRAG’s predictions are based on Fibonacci retracement levels and historical price patterns. He highlighted parallels between XRP’s 2017 cycle and its ongoing rally.
In March 2017, it gained 150% from a critical support level, which the analyst named the Purple Foundation. This initial move was followed by an extraordinary 1,330% rally two months later in May 2017.
EGRAG believes the cryptocurrency is poised to replicate a similar trajectory. His analysis points to an immediate target zone between $4.3 and $6.4, corresponding to Fibonacci retracement levels of 1.414 and 1.618. He anticipates this could be achieved by the end of December 2024.
Looking ahead to January 2025, EGRAG predicts a larger surge, potentially mirroring the 1,330% rally observed in 2017. This would place the asset in a secondary gold region, which spans prices between $13.7 and $27.3, aligning with another significant retracement zone.
Addressing XRP Market Cap Concerns
Skepticism surrounding these ambitious price targets often revolves around XRP’s market cap and liquidity requirements. EGRAG addressed these concerns by comparing the cryptocurrency market’s total valuation in 2017 and 2024.
In May 2017, the total cryptocurrency market cap (TMC) was $60 billion.
