💥💥💥 Analyst Predicts #Xrp🔥🔥 Pump to Fib 1.618 at $27, Citing Historical Performance
XRP Price Analysis: EGRAG's Predictions Amid Market Uncertainty
Recent Performance:
- XRP has recently experienced a significant decline, dropping over 8% in three days, surpassing #Bitcoin's losses. Despite this, analyst EGRAG remains optimistic about XRP's long-term prospects.
Symmetrical Triangle Pattern:
- EGRAG's analysis highlights that XRP has been trading within a symmetrical triangle pattern on the weekly chart since early 2017. This pattern follows a previous triangle from late 2013 to early 2017, which, once broken, led to a 7,673% spike in XRP's price.
Potential Surge to $27:
- EGRAG believes XRP could experience a similar surge once it breaks out of the current triangle. If XRP were to increase by 7,673% from its current price of $0.4689, it would reach approximately $27. This target aligns with the 1.618 Fibonacci retracement level.
Consistent Predictions:
EGRAG has repeatedly forecasted a $27 target for XRP, citing various technical indicators and patterns, such as:
- A bullish crossover between the 20-day and 50-day SMAs.
- A giant cup formation on the 2-week chart.
- The third Elliott Wave pump.
Factors Influencing the Rally:
1. Increased Accumulation:
- Large XRP addresses (holding at least 1 million tokens) have surged, indicating strong buy-the-dip activity among significant investors.
2. Potential Selling Pressure:
- Contrarily, a recent deposit of over 372 million XRP to Binance could increase selling pressure, impacting the price negatively.
Current Price:
- XRP is currently trading at $0.4037. The possibility of reaching $27 hinges on substantial market demand and continued accumulation by large holders.
