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Crypto analyst Egrag Crypto has predicted that the XRP price can reach $46 based on a historical pattern recorded in the first market cycle. Meanwhile, his analysis of the 3-cycle ride also showed that the altcoin can still reach double digits if it mirrors patterns recorded in other cycles.
XRP Price To Reach $46 If It Mirrors Cycle One
According to an X post, Egrag Crypto stated that market participants could see the XRP price touching $46 if the altcoin repeats a pattern like the first cycle. He highlighted the historical pattern in cycle one, where XRP dropped below the 21 Exponential Moving Average (EMA) before plummeting a staggering 5,550%. The altcoin then retraced back to the 21 EMA and subsequently fell another 2,500%.
Recent Predictions for XRP’s Future Performance
Meanwhile, the crypto analyst predicts that the XRP price can reach $12 if it follows the trends observed in cycle two. In this phase, XRP also dipped below the 21 EMA, leading to a 150% decline before making a retracement back to the EMA, followed by another drop of 500%. By averaging these projections of a 2,500% and 500% surge, the anticipated target is around $30. However, Egrag Crypto’s estimation leans closer to $27.
The current cycle, identified as the third, has seen XRP drop below the 21 EMA, but there’s optimism for a rise of 430%. Egrag Crypto pointed out that if XRP manages to stay above $2, the EMA will likely adjust to meet its price, indicating a promising outlook.
Could XRP Hit $27 Within 60 Days?
Egrag Crypto has also raised the prospect of XRP achieving a remarkable 1,700% increase, potentially reaching $27 in a short span of 60 days. Comparisons to its trajectory in October 2017 suggest a significant bullish breakout might be on the horizon. Historical data reveals that it took XRP about 63 days to surge and establish a new all-time high (ATH) under similar circumstances, with an increase of 1,772% during that period.
Prudent Decision-Making Amidst Volatility
Should these trends continue, Egrag Crypto remains confident that the XRP price could potentially hit $27 within the forthcoming 63 days. However, the analyst advises caution and suggests that securing profits along the way can be a wise strategy as the altcoin moves towards this ambitious target. Breaking the $3 mark, which was the high from the February 24 candle earlier this year, has been identified as a crucial milestone in preparation for this rally.
Presently, XRP is trading at approximately $2.33, reflecting an upward trend in the last 24 hours as per data from CoinMarketCap.
Featured image from Getty Images, chart from Tradingview.com
