As a seasoned analyst with a background in finance and cryptocurrencies spanning over a decade, I find Egrag Crypto’s prediction intriguing but cautiously optimistic. While I can appreciate the historical precedence he cites for XRP‘s potential to reach $27, it’s important to remember that past performance is not always indicative of future results. That said, if we consider the bullish market sentiment and the potential positive impact of the SEC case against Ripple being dropped, it’s plausible to imagine such a price surge.
According to crypto expert Egrag Crypto, it’s possible that the value of XRP may surge up to a peak of $27 during this market phase. He further elaborated on the factors that could lead to such a substantial increase in XRP’s price.
XRP Price To Reach $27 In This Market Cycle
In an X post, Egrag Crypto predicted that the XRP price could reach $27 in this market cycle. The analyst cited some statistics to prove why the crypto could indeed reach this price target.
Initially, the crypto expert pointed out that when XRP surpassed its 2-week 21 Exponential Moving Average (EMA), this action mirrored the peak of the cycle in 2017 after a dramatic surge of approximately 50,000%.
By making a comparable comparison with the ongoing price trend, an XRP crossing above the 21 Exponential Moving Average (EMA) at around $27 would signify a massive increase of approximately 4770%. However, it’s essential to note that such a price surge would account for just about 9.54% of the staggering 50,000% jump experienced by XRP back in 2017.
Egrag Crypto expresses optimism that XRP could attain this predicted price level, as it previously demonstrated a highly energetic surge reminiscent of 2017. It’s not the first instance where this crypto analyst has suggested such high values for XRP, considering historical patterns.
Currently, a fresh evaluation from CoinGape indicates that the XRP value might surge beyond single digits, potentially hitting $10. This optimistic prediction is bolstered by factors like the RLUSD stablecoin and various collaborations with Ripple, which collectively point towards an upward trend.
A rise in price might occur if the newly appointed SEC Chair, Paul Atkins, decides to dismiss the ongoing case against Ripple. It’s clear that the legal action taken against Ripple has significantly affected its coin value negatively.
What To Expect In The Short-Term
In a different post on X, Egrag Crypto elaborated on potential movements in the immediate future for the XRP price. According to their analysis, there’s nothing substantial to consider until either of these two significant events takes place for XRP.
Initially, he emphasized that $2 is an important level to keep an eye on. He further explained that if this level is breached significantly, it could potentially push the crypto down towards its lower targets.
Instead, the analyst expressed that surpassing $2.65 could spark further upward movement, or in simpler terms, exceeding this price point could result in a continued bullish trend.
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2024-12-27 01:04