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EGRAG, a prominent analyst in the XRP community, has emphasized that his XRP target of $27 this cycle remains unchanged, highlighting historical technical patterns crossing paths.
Technical Patterns Crossover
In a recent analysis shared on X, EGRAG cited similarities between XRP’s current candlestick patterns and those seen approximately seven years ago.
The analyst pointed out a historical crossover in XRP’s simple moving averages (SMA) over 20 and 50-day timeframes, reminiscent of patterns observed in 2017.
#XRP 🚀 Is This Similar to 2017, or Are We Witnessing Something New?
The historical data reveals two crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA).
A) If this resembles Cycle 'A', then we could expect a rapid and aggressive price surge, akin to a rocket… pic.twitter.com/o8PVCqJP14
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
Notably, before XRP broke out in late 2017, it experienced 350 days marked by price consolidation with 49 weekly candles. EGRAG’s chart data indicates that XRP’s 20 SMA and 50 SMA intersected during this phase.
Subsequently, XRP witnessed a remarkable surge, catapulting its price from approximately $0.2 to an unprecedented peak of $3.84 in under 30 days.
According to the analyst, a comparable formation has emerged, characterized by another 350 days of consolidating prices. Within the current pattern on XRP’s chart, EGRAG highlighted three potential interpretations.
Three Potential Interpretations
Firstly, he speculated that if the current formation mirrors the one observed in 2017, it could suggest the possibility of a similarly aggressive price pump for XRP. In his assessment, this surge would be akin to a “rocket ship-style pump.”
Alternatively, EGRAG observed that if the current formation aligns more closely with the patterns seen during the 2021 bull market, where XRP reached approximately $1.9, the aggressive pump may not occur.
Moreover, the analyst noted the absence of evident similarities in the moving averages and candlesticks patterns of 2021 and the current formation.
For the third interpretation, the analyst posited that an entirely new and unexpected development may have emerged.
Target of $27 for XRP Remains
Nonetheless, EGRAG is more inclined towards the first interpretation, emphasizing the potential for an aggressive price pump amid the striking similarities observed.
Additionally, he highlighted a symmetry in prices between 2017 and the current values of XRP on a factor of 10. Consequently, he reiterated that his target of $27 for XRP during this cycle remains unchanged.
Since last year, EGRAG has championed the view that XRP will attain $27 in this bull cycle. In one of his recent updates about the outlook, he suggested that market participants can expect it by November this year.
Interestingly, the analyst argued that XRP could attain $17 this month based on Bitcoin’s price movements. This $17 outlook, should it materialize, would mirror the trajectory of 2017/2018, when XRP saw about 1,800% growth within a month.
At press time, XRP trades at $0.5961. To reach $17 or $27, XRP’s price must expand by 2,751% and 4,429% within this year.