- A popular technical analyst’s chart confirms the possible break of XRP price to a $27 top.
- His previous analyses have also yielded the exact numbers, which offer plausibility to such an outcome.
The pseudonymous Egrag Crypto, a technical analyst with a considerable following on X, has recently presented a scenario that could play out in the six-month trend of XRP. According to him, the token’s price movement in the six-month candlestick chart pattern continues to cruise within a bullish pennant.
For context, the chart pattern suggests a possible upside after a prolonged consolidation or a sideways price move. However, instead of utilizing the usual hourly, daily, weekly, or monthly trends, Egrag has consolidated the values within a six-month candlestick chart pattern to filter the noise brought about by short-term fluctuations and better illustrate the long-term potential of the asset.
XRP Price Heading to $4.89-$48.90
The technical analyst explained that if XRP manages to decisively break out from the resistance line on top of the pattern, its action based on non-logarithmic or linear projection indicates the numbers could yield a $4.89 top this cycle. This takes references on the token’s price actions in previous cycles.
Meanwhile, applying the logarithmic measured move, a chart that evaluates percentage changes instead of absolute price changes, amplifies the figures to $48.90. This reflects a 10 times difference between the non-log and log scales.
A Plausible Crossover of the XRP Price Trends at $27
To reconcile the huge discrepancy, Egrag averaged the results, which resulted in $27. Interestingly, this has been a recurring target in his various technical approaches to plotting the possible price moves of XRP.
Crypto personality notably raised the same target in his readings based on a scenario that averages the last legs of the 2017 and 2020 rallies. It also appeared in his analyses using the Fibonacci trading circle, linear regression model, and even in his unorthodox Guardian Arch diagram.
While $27 is a far cry from XRP’s $3 price today and $3.84 all-time high eight years ago, its persistent appearances in Egrag’s long-term technical forecasting may suggest a certain degree of viability of such an occurrence in the future.
The Caveat
Despite his somewhat reassuring long-term forecast, Egrag warns of XRP’s fluctuations along the way. His previous analysis even pointed to the token’s likely drop to $1.30 or even $0.80 past the present bull cycle’s top if it emulates the pullbacks it exhibited in the aftermath of the 2018 record-high and 2021 rallies.
With that, we urge readers to supplement the information featured here with their own dose of skepticism and due diligence. Egrag’s views are mainly based on technical analysis and may fail to consider other factors that could drive volatility in the price of XRP, such as regulatory changes, increased competition in the crypto space, innovations, macroeconomic factors, Bitcoin’s (BTC) influence, and more.
Nothing in this article should be construed as investment advice or product recommendation coming from the Blockzeit team. Readers should always consult a professional or registered investment adviser who will tailor their strategies to their risk tolerance and available finances.
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