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Prominent crypto analyst EGRAG believes XRP could hit its peak for the current cycle in July 2024 or May 2025, with an ascending channel detailing prices between $1 and over $500.
He based this analysis on XRP’s historical performance, assessing the duration between different market cycles and leveraging it to come to a conclusion. Notably, the latest analysis comes at a time when XRP is facing the impact of the ongoing market collapse, having slumped below the $0.50 zone.
After reaching a high of $0.5571 on May 21, XRP continued to face downward pressure. This bearishness spilled into the new month, with XRP now down 7.61% on the monthly time frame. Despite this turbulence, analysts like EGRAG are confident that XRP will outperform the market like it did in 2017.
XRP Previous Cycle Peaks
EGRAG’s recent market analysis rests on this premise, as the veteran analyst projects timelines for when he believes XRP could spike to its peak value for this cycle. In his analysis, he presents two possible scenarios, each based on the duration from the previous cycle’s top.
#XRP Time Frame: July 2024 or May 2025? 🚀
🔍 Simple Analysis: If #XRP follows the Blue Cycle, then July 2024 should mark the cycle top in terms of time frame (1186 days). 🗓️
🌿 Green Cycle Alternative: If it follows the Green Cycle, then May 2025 will be our cycle top (1492… pic.twitter.com/s3uof2Chdl
— EGRAG CRYPTO (@egragcrypto) June 10, 2024
One of these scenarios, dubbed the Blue Cycle, features the time XRP took to reach the peak of $1.96 in the 2021 cycle. Notably, XRP hit the $1.96 cycle top in April 2021, which took 39 months, or about 1,186 days, from the $3.31 peak it witnessed in the previous cycle in January 2018.
The second scenario, dubbed the Green Cycle, highlights the duration for XRP to reach the $3.31 peak for the 2018 cycle. This peak materialized in January 2018, representing a 49 month or 1,492 day timeframe from the previous cycle top of $0.0614 in December 2013.
Essentially, in the Green Cycle, XRP took 49 months from the previous cycle peak to reach the top for the current cycle then. However, in the Blue Cycle, it took XRP 39 months from the previous cycle peak to reach its top for the ongoing cycle. EGRAG believes XRP would follow either of these cycles, mirroring their durations from cycle top to cycle top.
Possible Cycle Top Between $1 and $500+
Notably, in the current market cycle, XRP has already spent 38 months from the previous cycle peak which came up in April 2021. If it trails the Blue Cycle, the next cycle top would come up in July this year, marking 39 months. Nonetheless, if XRP follows the trajectory of the Green Cycle, it would take an extra 11 months to reach this cycle’s top, specifically in May 2025.
This entails that XRP could record a massive price upswing at these dates. While EGRAG fails to provide specific price targets for the top, his chart presents some vague insights. Notably, data from the chart shows that XRP needs to remain within a multi-year ascending channel consisting of five trendlines serving as support and resistance.
Following the drop to the current price of $0.4781, XRP has slipped below the ascending channel. A recovery push could see it re-enter the marked territory. Interestingly, if XRP hits its cycle peak while inside the channel, the top could range from $1 to over $500 depending on the level it trades within the channel.