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Based on historical data, market analyst EGRAG believes XRP has the potential to rally to $27, which aligns with Fibonacci 1.618 on the weekly timeframe.
EGRAG made this assertion in his latest analysis of XRP’s price action amid the ongoing market uncertainty. Following a period of sustained resilience, XRP eventually succumbed to bearish pressure. Consequently, it has recorded bigger declines than Bitcoin (BTC) in recent times, down over 8% in the past three days.
An Enduring Symmetrical Triangle
However, despite the bearishness, EGRAG expects XRP to perform admirably well as the market matures. In his latest analysis, he showed that XRP has remained in a weekly symmetrical triangle amid the ongoing price movements.
#XRP Half Pump To Fib 1.618 🔥
If history repeats itself halfway, then we're eyeing $27.#XRPArmy, STAY STEADY 💪 Our time is coming! 🕒 pic.twitter.com/uQvlg0NJjS
— EGRAG CRYPTO (@egragcrypto) July 3, 2024
This symmetrical triangle pattern began in early 2017 following XRP’s impressive performance that year. XRP eventually reached a new ATH of $3.31 in January 2018, and then faced a correction. Since then, the token has continued to trade in the symmetrical triangle, which has persisted for seven years now.
EGRAG’s chart shows that XRP witnessed a similar symmetrical triangle from late 2013 to early 2017. Interestingly, after breaking above the triangle’s upper trendline, XRP spiked 7,673% to $0.3988 in May 2017. The analyst believes a similar pump will occur once XRP records a breakout of the current triangle.
XRP Eyes $27
At the time of his assessment XRP changed hands at $0.4689. A proportional 7,673% increase in XRP’s value from such a level would push the price to an ambitious $27. EGRAG noted that this price level aligns with his 1.618 Fibonacci retracement region.
Notably, the market analyst has continued to predict a rally toward the $27 price, citing varying factors in each analysis. For instance, four months back, he hinged his projection on a bullish crossover between the 20-day and 50-day SMAs. This also took inspiration from 2017 price movements.
Moreover, in January, EGRAG identified a giant cup formation on the 2-week chart. The analyst also predicted that a breakout could push XRP to $27. Meanwhile, last December, his reasoning for the $27 prediction was a pump from XRP’s third Elliott Wave. In October 2023, EGRAG maintained that $27 is inevitable.
Notably, these consistent projections indicate the analyst’s conviction. However, XRP’s prospect of reaching $27 remains uncertain. The crypto asset would need massive support from market demand to have a chance at this price level.
One major factor that could bolster chances of such a rally is an increase in accumulation. The Crypto Basic recently confirmed that XRP addresses holding at least 1 million tokens have surged this year. This pattern is due to a “buy-the-dip” frenzy that has triggered massive accumulation among sharks and whales.
However, in a contrasting trend, CryptoQuant data shows that investors deposited over 372 million XRP to Binance on July 2. This development, which spiked the XRP exchange reserve on Binance, could lead to increased selling pressure. Notably, XRP currently trades for $0.4426.
