Renowned crypto analyst EGRAG Crypto has drawn comparisons between the current price pattern of XRP and the price rally it experienced in 2017, leading him to predict that XRP could reach a new all-time high of $27 in the upcoming bullish cycle.
EGRAG Crypto, a popular crypto analyst, has pointed out the similarities between the current price pattern of XRP and the one it exhibited during the 2017 rally. Based on this observation, the analyst has made a bold prediction that XRP could surge to $27 in the next bull wave.
Back in 2017, XRP achieved a new record high when it reached $3.07. Taking into account this performance, the analyst anticipates that the token could rally up to $27 in the upcoming bull run. The analyst has noticed a crossover between XRP’s 20-day and 50-day simple moving averages (SMAs), a technical indicator that was also present before XRP broke out in late 2017, leading to its previous all-time high above $3.
The analyst explains, “I firmly believe that this cycle mirrors Cycle ‘A’ but amplified by a factor of 10X. For example, price levels in Cycle ‘A’ multiplied by 10 would equate to 0.07c in Cycle A becoming 0.70c in this cycle. So my target is still $27, which is 10X of ‘A’.”
In 2017, after a consolidation period of 350 days, the altcoin experienced a dramatic surge. The XRP Ledger token skyrocketed from around $0.20 to a record high of $3.84 in just four weeks.
The analyst raises the question of whether the current situation is similar to 2017 or if we are witnessing something new. The historical data reveals two instances where the 20 SMA (Yellow Line) crossed the 50 SMA (Blue Line). If this resembles Cycle ‘A’, then a rapid and aggressive price surge, similar to a rocket, could be expected.
On the other hand, offering a more conservative perspective, the analyst suggests that the current setup aligns with the 2021 price trend. If XRP follows this path, prices could still rally significantly to around $1.90. This analysis is consistent with similar predictions made by other notable crypto analysts. Recent signals indicate that XRP is testing the upper boundary of a symmetrical triangle on the weekly timeframe, with the key 200-day moving average providing support. A breakout from the triangle, along with the Ichimoku cloud and a bullish MACD crossover, could confirm a significant trend change for XRP.
As of now, XRP is trading at $0.64, following a 10% surge in the past 24 hours. This has helped the token reduce its weekly losses, which currently stand at 5%. These price movements come ahead of an upcoming update in the lawsuit against Ripple Labs.
As previously reported, the latest development in the SEC’s lawsuit against Ripple Labs involves a joint motion to seal confidential materials within the upcoming remedies briefs. This means that the details of the SEC’s arguments on March 22nd and Ripple’s response on April 22nd will not be made public. This secrecy surrounds a critical phase of the case, as both parties present their proposed remedies for the court’s consideration.
With limited information available, XRP investors may experience uncertainty and potential price fluctuations as they await the unveiling of the details. This lack of transparency could negatively impact the cryptocurrency’s market performance in the short term.