thecryptobasic.com
Despite the recent market struggles, a top analyst has rejected claims that $XRP may top out at $4 this cycle, presenting a higher two-digit target.
This bold suggestion came from EGRAG Crypto, an $XRP permabull and prominent market analyst. According to EGRAG, $XRP’s upside targets for this cycle remain extremely bullish, with $27 as the top goal, despite the recent struggles at the $3 mark.
EGRAG Dismisses $4 Top Claims
For context, Crypto Rover, another market watcher, made predictions on what he believes could be the price of several assets over the next two to four months, possibly coinciding with the market peak. Interestingly, Crypto Rover claimed $XRP’s peak price could be around $3.2 to $4.8, marking only a 10% to 65% increase from here.
$XRP Fibonacci Targets
Today, $XRP trades for $2.9. While it’s still battling to reclaim the $3 mark, closing the two-month candle at the $2.9 level is still within acceptable bullish limits. EGRAG then presented four upside targets for the rally that could emerge from here.
Specifically, the first target sits at the Fibonacci 1 level, aligning with the $3.31 all-time high from January 2021. $XRP had already breached this level this year when it soared to $3.66 in July. A push above $3.31 again would bring $XRP face-to-face with the recent $3.66 peak.
Beyond this, EGRAG suggests a run toward $8 is on the horizon. The next target for the analyst is the 1.272 Fibonacci extension, which syncs with the $8.37 price. This would mark a 188% increase from the current price position, representing a new all-time high for $XRP.
However, the market analyst believes this would not mark the top. He believes a further uptick toward $13.56 is in order. This target, which aligns with the Fibonacci 1.414 extension, would represent a 367% increase from the current $XRP price and push $XRP to two-digit levels for the first time in its history.
Meanwhile, EGRAG suggests the cycle top would be much higher, specifically at $27.17 or the 1.618 Fib extension. The analyst has consistently championed this target, reaffirming his conviction that a run to $27 is still in play last December. However, EGRAG expects a crash after this top materializes, possibly targeting $0.8.