Egrag Crypto, a well-known analyst in the crypto community, is maintaining his prediction that XRP will reach a price target of $27. He has gathered his previous analyses to demonstrate the potential upsides and obstacles that XRP might encounter on its path to the target price.
In order to identify the important factors that may impact XRP’s journey to the target price of $27, the analyst created a composite analysis called “The Bermuda Triangle Chart.” Within this analysis, the analyst identified seven key points that have been discussed in previous analyses as crucial to XRP’s success in reaching the target price.
The Seven Arcs, Equilibrium Price, and Atlas Line
Egrag Crypto, pointed out seven arcs, which are representative of seven Fibonacci price targets, and they were plotted around key price levels, especially resistance points. The initial arc was established at $0.60, the third arc at $1, and the seventh arc at $27, which is the target price. To achieve the target price, XRP would need to surpass all seven arcs.
Additionally, the analyst determined that XRP’s market-clearing price is $1.90. This price represents the point at which the number of people who want to buy XRP equals the number of people who want to sell XRP. When the market is at this price, there is neither excess supply nor excess demand for XRP, and the XRP market is in a state of balance.
The analyst pointed out seven arcs, which are representative of seven Fibonacci price targets, and they were plotted around key price levels, especially resistance points. The initial arc was established at $0.60, the third arc at $1, and the seventh arc at $27, which is the target price. To achieve the target price, XRP would need to surpass all seven arcs.
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The Final Wake-up Line and the Red Lake
He also brought attention to a critical point known as the “final wake-up line,” which he believes will propel XRP into a highly volatile area referred to as “the red lake.” Currently, the final wake-up line is located at $0.60, which happens to be the price point of the first arc. According to the analyst, XRP will plunge into the red lake once it surpasses this point.
The “red lake” is a significant area in XRP’s quest to reach $27, as it denotes a region where sellers and buyers will fiercely compete to take control of the asset’s next price point. The second and third arcs fall within the boundaries of the red lake, making it a crucial stage in XRP’s journey toward the target price.
Related also: Ripple’s XRP Escrow Scheme: Move 500 Million, Lock 700 Million Tokens
The Stratosphere and Blue Ocean Regions
The analyst asserts that if XRP rises above red lake, it will enter a zone referred to as “the stratosphere,” which could either cause XRP’s price to surge significantly or prevent it from rising for several months.
In the future, if XRP manages to reach greater heights, it is expected to enter the blue ocean region, where it will attract the attention of large investors such as sharks and whales. Sharks refer to mid-sized investors, while whales refer to wealthy investors with significant financial resources. Within the blue ocean, zone are four distinct segments, one of which is the $27 arc.
At the time of writing, XRP is being traded at a value of $0.4621, which reflects a 0.66% increase in the last 24 hours. Although there have been some occasional declines, XRP has managed to maintain its position above the $0.46 mark and is hoping to utilize it as a launchpad for its future surge.
