Renowned crypto analyst EGRAG CRYPTO has released another enthralling forecast for the future course of the XRP price. This came as a follow-up to his earlier comprehensive research. Egrag predicts a probable massive growth in the value of XRP, predicting a remarkable increase of 1,160% based on his recent observations.
He forecasts that this upsurge might push the digital asset’s price to an estimated $6.7, with potential swings between $6.5 and $7.
Here’s Why A Surge of 1,160% for XRP Seems Likely
This bold forecast was born from Egrag’s meticulous examination of previous XRP price peaks. Using the historical data, he evaluated notable price increases, concentrating on candles that showed an astonishing price gain of at least 300% in a single candle on the 4-month chart.
In the XRP price history, the analyst identified six parabolic price spikes that satisfied this criterion. He claims that XRP has increased by 1,050%, 530%, 2,222%, 740%, 1,577%, and 841% over the last four months. By averaging these significant price changes, Egrag came at a projected 1,160% rise.
Adding more weight to this forecast, he linked this prediction with the Fibonacci extension level of 1.618. This is used to identify potential barriers that would rise above the swing high. Using the Fibonacci extension level, the analyst deduces that both indications foretell a similar price range.
“This leads us to a compelling price prediction of $6.7, nestled within the range of $6.5 to $7. This prediction aligns beautifully with the Fib 1.618 level at $6.5,” the analyst concluded.
A Steel Foundation for the Price of XRP
In a recent tweet, EGRAG CRYPTO painstakingly examined the price changes of XRP over a 4-month chart as a prelude to his most recent prediction. He made crucial discoveries that now form the basis of his present projections. This earlier investigation was highlighted by discovering two critical price zones, which Egrag designated as Zone A and Zone B.
Zone A includes a price range of $0.00485 to $0.02483, primarily covering the period from 2013 to the beginning of 2017. Egrag called the support band in this zone, which spans from $0.00485 to $0.00596, the “steel foundation” for a reason.
This foundation’s tenacity is extraordinary; the price has maintained this level throughout significant market downturns.
Contrarily, the pricing range for Zone B is between $0.25939 and $2.00. The steel foundation for this zone was located within the range of $0.25939 and $0.32630. Since 2017, this foundation has shown great support qualities. Egrag saw that the price briefly fell below this level due to the interaction of a protracted bear market and outside factors like the SEC litigation.
Furthermore, Egrag emphasized that during the four months, the price of XRP never closed above the $2.00 level. This finding is crucial because XRP may be able to reach its all-time high of $3.40, which it reached on January 7, 2018, if this barrier is broken. The analyst claims that the $2 level is the FOMO zone where investors will rush to purchase XRP.
At the time of writing, XRP was trading at $0.4956, continuing its sideways pattern from the previous four weeks.