Renowned analyst EGRAG has projected a significant rise in the value of XRP, predicting a 2,829% surge to reach a target of $15. The forecast is based on his Bent Fork model, which includes four tracks: Major Historical Support, Ranging Zone, Mid-Cycle Top, and Cycle Top.
As of Friday, XRP is currently moving within the Major Historical Support track inside a White Ascending Triangle. This pattern has been in place since May 2022 after the cryptocurrency fell from its March high of $0.9121. XRP bulls briefly triumphed in July, breaking above the triangle before being retracted by a correction.
Despite attempts by bears to drive XRP below the triangle, they were unsuccessful. This resilience is viewed by EGRAG as an encouraging indicator for the cryptocurrency's future performance. The analyst predicts an imminent breakout between the third and fourth weeks of November, which could potentially be the last opportunity for investors to purchase at lower prices.
Once this breakout occurs, EGRAG expects XRP to progress through the remaining tracks of his Bent Fork model, culminating in reaching the Cycle Top and achieving the projected price of $15.
The recent rally of XRP to $0.5121 was driven by Ripple's third victory against an SEC lawsuit involving executives Brad Garlinghouse and Chris Larsen. This legal win has provided a short-term boost to the cryptocurrency's value.
Source: investing.com
