Renowned crypto analyst EGRAG Crypto has drawn a striking comparison between the current XRP price pattern and the 2017 XRP rally, suggesting that the digital asset could hit a new all-time high of $27 in the upcoming bullish cycle.
As the crypto market takes a positive turn, EGRAG Crypto has specifically highlighted XRP, pointing out that it is displaying similar patterns to the 2017 rally. Based on these similarities, the analyst has made a bold prediction of XRP reaching $27.
Back in 2017, XRP achieved an all-time high of $3.07, and it is based on this performance that the analyst foresees the token rallying to as high as $27 in the next bull wave. The crypto 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 record high above $3.
The analyst states, “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 one of the most dramatic surges. The XRP Ledger token skyrocketed from around $0.20 to a staggering record high of $3.84 in just four weeks.
The historical data reveals two instances where the Yellow Line (20 SMA) crossed the Blue Line (50 SMA). If this resembles Cycle ‘A’, then we could expect a rapid and aggressive price surge, similar to a rocket.
Offering a more conservative viewpoint, the analyst also noted that the current setup aligns with the 2021 price trend. If XRP follows this trajectory, prices could still experience a significant rally to around $1.90. This analysis is consistent with other notable crypto analysts’ perspectives. Recent signals indicate that XRP is testing the upper boundary of a symmetrical triangle on the weekly timeframe, with the crucial 200-day moving average serving as support. A breakout from the triangle, along with the Ichimoku cloud and a bullish MACD crossover, could confirm a substantial trend change for XRP.
At present, XRP is trading at $0.64, following a 10% surge in the past 24 hours. This surge has helped to reduce the token’s weekly losses, which currently stand at 5%. This positive price performance comes just ahead of an update on the ongoing lawsuit.
As reported by CNF, the latest development in the SEC’s lawsuit against Ripple Labs involves a joint motion to seal confidential materials within the upcoming remedies briefs. This means that the specific details of the SEC’s arguments on March 22nd and Ripple’s response on April 22nd will be hidden from the public. This secrecy marks a crucial phase in the case, as both parties present their proposed remedies for the court’s consideration.
With limited information available, XRP investors may face uncertainty and potential price fluctuations as they await the unveiling of these details. This lack of transparency could have a short-term negative impact on the cryptocurrency’s market performance.
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