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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.
