According to Egrag, a renowned crypto analyst who examined XRP price shifts based on a $2.8 All-Time High (ATH), the asset is currently on a path to a price goal of $27. Egrag believes that XRP may eventually rally to $27 if certain conditions are met.
The most recent research by Egrag is based on a previous revelation from David Schwartz, the chief technology officer of Ripple, who clarified that XRP’s ATH was $2.8 and not $3.2. He plotted the Fibonacci 1.0 level on a monthly candle chart using this price as a reference point because Schwartz mentioned that the ATH value is $2.8.
Traders frequently utilize the Fibonacci levels, a collection of ratios derived from the Fibonacci sequence, to pinpoint probable support and resistance levels in a price chart. The seasoned analyst also revealed that he would determine the bottom by looking at the candle’s final price rather than its low wick.
These factors allowed Egrag to validate that the Multi-Year Ascending Trendline (MYATL) had been stable for a considerable time. He also emphasized the confluence point, where the MYATL and the Fibonacci 0.382 level converge.
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To Reach the Goal, XRP Would Need to Increase by 57x
The expert stated that it would confirm that XRP has bottomed if the price of XRP closes above this confluence point with a full-body candle. He believed that such an event would indicate that the asset has reached its lowest point and that there won’t be another chance for investors to buy it at this price in the future.
Egrag then drew attention to the fact that the bears held XRP for about 1,200 days (more than three years) before staging its previous pump to the ATH. He did underline that XRP has spent approximately 2,000 days (more than five years) anticipating the massive pump during the current cycle. This shows that a large price shift may have caused the current cycle.
According to Egrag, the next substantial price move for XRP would bring the asset to a range between $2 and $3, plugging a hole in the MAWT (Mega Ascending White Triangle) pattern. After closing the gap, the price should move steadily per the MAWT pattern, taking XRP to a predetermined target price of $27.
To reach an objective of $27, XRP would need to increase in price by 5,775%, or 57x, from its present level of $0.4595. The expert thinks this could happen between late 2024 and early 2025 based on Egrag’s chart.
However, this should not be taken as investment advice as it merely examines asset prices. XRP has decreased by 1.08% over the last 24 hours.
XRP is down 1.08% in the last 24 hours. Source: CoinMarketcap
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