Analyst Predicts XRP Could Reach $10 with Kangaroo, Gaussian, EMA, and Elliott Wave Strategies

XRP May Be Warming Up for a Strong Price Rally

XRP, a prominent cryptocurrency in the digital assets market, may be gearing up for an impressive price rally, according to market analyst EGRAG. Using a blend of sophisticated technical analysis tools, EGRAG has provided insights suggesting that XRP could ascend to two-digit territory in the near future. In his latest analysis, he connects various charting techniques, including the Kangaroo Technique, the Gaussian Channel, and the 21-week Exponential Moving Average (EMA), intertwined with Elliott Wave Theory, to illustrate an ongoing consolidation phase poised for a potential surge.

The Gaussian Channel, Kangaroo Technique, and 21 EMA

In EGRAG’s initial chart analysis, XRP is depicted maintaining stability above the upper boundary of the Gaussian Channel, currently sitting at $1.75. This price point is considered crucial; a weekly close above this level would signal a sustained bullish trend, while dipping below it could indicate the onset of a more substantial pullback. EGRAG’s analysis also incorporates the intriguing kangaroo icons to denote significant zones, particularly one near $0.06 and another around $3.40. The kangaroo icon positioned at $0.06 in 2017 corresponded with a launchpad for XRP that ultimately led to its all-time high of $3.8 later that same year.

Notably, the recent appearance of another kangaroo icon around the $3.4 high suggests this price could potentially function as a launchpad for future gains. EGRAG draws attention to the 21 EMA, which currently resides just below XRP’s price. This indicator aligns with a bullish sentiment as long as XRP remains above it. Moreover, he referenced a historical pattern from 2017 showing a build-up preceding the breakout to $3.8 in January 2018, indicating that XRP could replicate this upward trajectory if a breakout occurs in July. However, EGRAG warns that a failure to rally within that time frame could usher in a sideways market for up to 110 days.

XRP Elliott Waves Eye $10 Target

Transitioning to the second chart, EGRAG identifies $2.33 as the next significant resistance point, resting just above the EMA. Crossing this level is viewed as pivotal, potentially solidifying bullish momentum. Additionally, EGRAG points out $2.65 as a breakout trigger, labeling it the “go-go signal.” A weekly closure above $2.65 would solidify a substantial upward move.

Even amid recent market fluctuations, XRP maintains support around the $2 mark, staying comfortably above the critical $1.75 level. EGRAG interprets this recent dip as a standard volatility effect but cautions that slipping below $1.75 could jeopardize the bullish setup. Using Elliott Wave Theory, EGRAG underscores XRP’s current position in Wave 5 of a larger cycle, which typically signifies the final upward thrust. He estimates a remarkable 477% potential gain based on Fibonacci extensions, projecting that XRP could target a range between $9 and $10.

While EGRAG indicates $10 as a feasible near-term peak, he also suggests a potential trajectory reaching up to $27, contingent on sustaining momentum. However, the need for XRP to keep above the $1.75 threshold remains critical for maintaining its bullish posture. Any failure to break higher before the conclusion of July may result in the market veering away from the current setup, precipitating another prolonged phase of sideways movement.

In the short term, traders are encouraged to monitor XRP’s journey toward the $2.33 and $2.65 resistance levels. Achieving these thresholds could herald the commencement of a robust rally leading to the coveted $10 price point. Observing these critical levels may provide valuable insights as XRP navigates its path forward.