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- EGRAG maintains his XRP target of $27 for this cycle, citing historical technical patterns reminiscent of the 2017 surge.
- Three potential interpretations of the current XRP chart formation include a rocket ship-style pump, alignment with 2021 patterns, or the emergence of a new development.
- EGRAG reaffirms his bullish stance on XRP, suggesting a potential $17 milestone based on Bitcoin’s movements.
A leading figure within the crypto community, recognized as EGRAG, has reiterated his bold projection for XRP’s price, maintaining a steadfast target of $27 for the current market cycle.
In a detailed analysis recently shared with the community, EGRAG underscored the convergence of simple moving averages (SMA) over 20 and 50-day periods, reminiscent of patterns observed during the notable surge of 2017.
Prior to the remarkable breakout in late 2017, XRP underwent an extensive period of price consolidation spanning 350 days, marked by 49 consecutive weekly candles. EGRAG’s analysis indicates a similar phase of consolidation within the current market structure, characterized by the intersection of XRP’s 20 SMA and 50 SMA.
Within this context, EGRAG presented three potential interpretations of the unfolding pattern. Firstly, he suggested the possibility of an aggressive price rally akin to the “rocket ship-style pump” witnessed in 2017. Alternatively, EGRAG considered a scenario where the current formation aligns more closely with patterns observed during the 2021 bull market, potentially dampening the magnitude of any surge. Additionally, he entertained the prospect of entirely novel developments shaping XRP’s trajectory.
Undeterred by alternative scenarios, EGRAG remains steadfast in his anticipation of a significant price appreciation for XRP. Emphasizing the striking similarities observed between past and present patterns, he reiterated his unwavering target of $27 for XRP during this market cycle. Drawing parallels to Bitcoin’s price movements, he speculated a potential milestone of $17 for XRP within the current month, reflecting the exponential growth witnessed in 2017 and 2018.