A veteran crypto analyst made an ambitious 300x prediction of a top 10 altcoin by market cap.
Egrag Crypto expects a 300x increase in the price of this altcoin
Egrag Crypto, a well-known crypto analyst, continues to pursue a price target of $27 for XRP. The technical analyst recently explained the opportunities and challenges XRP will face on its journey to its price target.
According to Egrag’s analysis, XRP price often fluctuates depending on market cycles. The data shows that XRP price typically closes bear markets just above the Gaussian Channel. This model has been completed twice before. Each time it caused a massive drop for the XRP price before starting a significant rally. Unlike other trend indicators, the Gaussian Channel creates a channel around current prices by making statistical calculations based on historical price data.
The Gaussian Channel has occurred twice on the XRP chart before. Each time it caused a huge drop in the price of XRP. For example, the popular altcoin plunged 14.80% in the second half of 2020 after closing multiple times on the Gaussian Channel. But then it waited 75 days to close above the Channel. It finally started another rally in January 2021, after about three months.
What levels does the cycle point to for XRP?
Egrag notes that XRP’s price movements often change depending on market cycles. The altcoin completed the bear market by closing multiple times above the Gaussian Channel. Egrag now wants to repeat the cycle.
According to Egrag, this drop of XRP could be a bigger drop than it was in 2020. Therefore, it expects it to remain in a downtrend for more than 75 days. However, the bear market is about to end, according to Egrag.
Is a 3x increase in XRP price possible?
cryptocoin.com As we have reported, Egrag has been keeping the XRP bull expectation for a long time. However, on the daily chart, after the rejection in recent weeks, the price has reached a strong support area at the 200-day moving average of $0.41. Given the strength of this moving average, XRP is likely to enter a consolidation phase.
However, if the price fails to hold above this critical support zone, it will lead to a bearish trend in the market. Conversely, if it finds support at the 200-day moving average, buyers will head towards the $0.56 resistance level.
Meanwhile, XRP is changing hands at $0.427365, down slightly in the last 24 hours. The altcoin continued to defend $0.40 despite occasional dips.
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