Boom

A technical analysis that was published by a crypto analyst on X implies that there is a possibility that the price of XRP might skyrocket to as high as $220. The analyst draws a striking similarity between this possible spike with the astronomical occurrence that is known as a Gamma-Ray Burst (GRB). The GRB comparison is used in financial charting to describe a rise in price that is associated with a substantial size and quickness. This surge is comparable to the strong energy release that occurs during a cosmic GRB.
For his prediction, he used the Fibonacci Channel, often known as the Fib Channel. This is a technical analysis technique that traders use to determine probable levels of support and resistance based on the Fibonacci sequence. First, a trendline is drawn between two extreme points, which are normally a high and a low. Next, the vertical distance between the two points is divided by the important Fibonacci ratios. This is how a Fibonacci Channel is built. These levels are lines that run parallel to one another across the chart and have the potential to serve as markers for price objectives or the beginning of reversals.
Goals for the Price of Cosmic XRP
These Fibonacci levels are seen on the one-month chart of XRP/USD that was provided by Egrag on X. In his analysis of the present price levels, Egrag makes the following observation: "Reflecting on XRP's potential to mirror its trajectory in 2017, the analysis reveals crucial figures within The Fib Channel." On the basis of this, the important future price points are as follows: $2.2 (0.236 Fib), $5.8 (0.382 Fib), $11 (0.5 Fib), $33 (0.702 Fib), and eventually, the zenith at $220 (1.0 Fib).

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In addition, the study finds the two "Bull Market Lines" on the chart, which have had a significant role in the price movements of XRP in the past. Based on Egrag's study, it is anticipated that these lines will appear for a third time, which might be an indication of a new upward trend.
The first time we came into contact with it was in March of 2017, when the price of XRP surpassed the preliminary "bull market line." From a low of $0.005 to its current all-time high of $3.30, the price of XRP saw a staggering increase of 60,000%. In addition, this now serves as the beginning point for the second "bull market line," with the second connection point of this line being determined from the high point that it reached in April 2021, which was $1.97.
According to Egrag, in order for the price of XRP to cross the "Bull Market Line – 2," it is now necessary for the price to surpass the $1.20 level. The Simple Moving Average (SMA) and the 24 SMA on the one-month chart might cross each other, which would be an indication of this possible impulse.
According to Egrag, "Once the bullish cross happens, almost one month later, the XRP bull run starts," which is in line with the historical price movements that are highlighted on the chart as "Cross 1" and "Cross 2." A similar crossing is anticipated to occur in the near future, according to the expert, who forecasts a transition from a negative market to a bullish market. The crossover took place between the end of December 2023 and the beginning of January 2024, which is an important fact to note.
A rallying cry is added to the XRP community via Egrag's comments on the social network X, which is as follows: The transition from red to blue, and then finally to green, is on the horizon, thus the XRP Army asks that you be calm and get ready. There is going to be a GRB Event."
There is still a need for the momentum to become bullish.
In conclusion, Egrag's study provides a positive case for the alternative cryptocurrency. It does so by providing specific price predictions and technical indicators that may serve as a guide for probable future moves. However, investors are encouraged to approach the market analysis with care and to undertake their own research, just as they would with any other market analysis.

In recent months, the price of XRP has not performed very well. The price has completely erased all of its gains, despite the fact that Ripple was victorious in the XRP litigation. Additionally, at the time of this publication, the price of XRP was trading below the 200-day exponential moving average (EMA), which is referred to as the "bull line" in technical analysis.
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