Renowned cryptocurrency analyst EGRAG Crypto has drawn parallels between the current XRP price pattern and the 2017 XRP price rally, suggesting that XRP could reach an all-time high of $27 in the upcoming bullish cycle.
EGRAG Crypto, a popular crypto analyst, has highlighted XRP as the cryptocurrency takes a bullish turn, noting that it is forming similar patterns to the 2017 rally. Based on these similarities, the analyst has made a bold prediction of $27 for XRP.
Back in 2017, XRP reached a new all-time high of $3.07. Using this performance as a reference, the analyst believes that the token could rally to as much as $27 in the upcoming bull wave. The analyst observed a crossover between XRP’s 20-day and 50-day simple moving averages (SMAs), a technical indicator that appeared before XRP’s breakout in late 2017, leading to its all-time high above $3.
The analyst stated, “I firmly believe that this cycle mirrors Cycle ‘A’ but amplified by a factor of 10X. For example, price levels in Cycle ‘A’ multiplied by 10 would equate to 0.07c in Cycle A becoming 0.70c in this cycle. So my target is still $27, which is 10X of ‘A’.”
In 2017, after a 350-day consolidation period, XRP experienced a dramatic rise, surging from around $0.20 to a record high of $3.84 in just four weeks.
The historical data reveals two crosses between the 20-day SMA (Yellow Line) and the 50-day SMA (Blue Line). The analyst compares the current situation to Cycle ‘A’ and suggests that a rapid and aggressive price surge, similar to a rocket, may be expected.
Offering a more conservative narrative, the analyst also notes that the current setup aligns with the 2021 price trend. If XRP follows this path, prices could still rally significantly to around $1.90. This analysis is consistent with similar predictions from other notable crypto analysts. Recent signals indicate that XRP is testing the upper boundary of a symmetrical triangle on the weekly timeframe, with the key 200-day moving average providing support. A breakout from the triangle and the Ichimoku cloud, along with a bullish MACD crossover, could confirm a significant trend change for XRP.
As of now, XRP is trading at $0.64, following a 10% surge in the last 24 hours. This has helped reduce the token’s weekly losses, which currently stand at 5%. These price movements come ahead of an upcoming lawsuit update scheduled for tomorrow.
The SEC’s lawsuit against Ripple Labs has reached a crucial phase, with a joint motion to seal confidential materials within the upcoming remedies briefs. This means that the specifics of the SEC’s arguments on March 22nd and Ripple’s response on April 22nd will be kept hidden from the public. This lack of transparency during a crucial phase of the case could potentially impact XRP’s market performance in the short term, leading to uncertainty and potential price fluctuations for XRP investors.
With limited information available, XRP investors will have to wait for further details to be unveiled, which could affect the cryptocurrency’s market performance.