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XRP to $66, Top Analyst Sets Multiple Impulsive Wave Targets

source-logo  thecryptobasic.com 24 May 2024 09:26, UTC

Market analyst EGRAG believes XRP could reach several bullish price levels based on historical data, with an ultimate price goal of $66.

He noted this in a recent analysis. EGRAG’s projections include several potential targets for XRP, ultimately eyeing an ambitious $66 price. His method involves analyzing past price movements and using these historical patterns to predict future prices, providing a detailed roadmap for XRP’s next direction.

🚀 #XRP Divide By 2:
Price Targets ($1.96, $2.8, $15, & $66): 🚀

Check out the chart below, which aims to imitate previous cycle pumps, segmenting them into sections and dividing them by 2 of the previous pump. This approach takes the worst-case scenario into account, assuming… pic.twitter.com/VJa5u8tjp2

— EGRAG CRYPTO (@egragcrypto) May 22, 2024

A Unique Methodology

EGRAG utilized a method of segmenting and halving previous market cycle pumps to establish his targets. According to him, this technique allows for a conservative estimate by accounting for potential worst-case scenarios, assuming the current demand for XRP remains unchanged.

Notably, his focus is only on XRP’s liquidity. He does not factor in potential utility advancements for XRP or the XRPL, such as in DeFi or automated market makers (AMM) growth. These advancements could further influence XRP’s trajectory, potentially bolstering price action.

For context, the XRP Ledger’s DeFi space is seeing slow but steady growth. Following the introduction of AMM functionality, which could help augment liquidity, the XRPL is set to welcome a native lending mechanism, an EVM sidechain, and a native stablecoin.

XRP Targets an Ultimate Goal of $66

EGRAG’s analysis ignores the potential impact of these developments. Instead, he sets a series of price targets based on previous cycle trends. In the 2017 cycle, EGRAG assessed and divided the gains by two to reach three impulsive waves. This approach assumes that the market and liquidity conditions are similar to those during this cycle.

XRP to $66
Image Source: https://x.com/egragcrypto/status/1793196019263443158

Leveraging this technique, the first wave is expected to take XRP above $1 toward the $1.96 price. After this, EGRAG expects the second wave to push XRP to a two-digit value and new all-time high at $15, with the third wave potentially culminating in a rise to $66.

EGRAG then assessed the gains of the 2021 cycle, resulting in a $2.8 target. This target came from applying the same halving method to the pumps observed in 2021. By dividing the gains by two, he suggests that $2.8 is a realistic next step for XRP. The target also aligns with historical resistance levels, making it a critical point for investors to watch.

EGRAG cautioned investors against panicking when potential retracements around the $2.8 to $3.5 range occur. He noted that about 70% of investors may take profits within this price zone, leading to a significant price correction. However, the analyst advised against being shaken out by such movements.

Meanwhile, XRP currently changes hands at $0.5251, up by a meager 4% this month. XRP has so far recorded three consecutive days of intraday losses since it hit the $0.5571 high on May 21, trading below both the 50-day and 200-day EMAs.