XRP EGRAG, one of the leading analysts in the community, emphasized that the altcoin’s $27 target is still valid in this cycle, noting an interesting intersection of historical technical patterns.
In its latest analysis, EGRAG noted that XRP’s current candlestick patterns bear a remarkable similarity to patterns observed approximately seven years ago.
According to the analyst, especially the intersection of XRP’s 20 and 50-day simple moving averages (SMA) is reminiscent of the formations seen in 2017. During this period, the price of the altcoin experienced a long period of consolidation before exploding, and according to chart data from EGRAG, the 20 SMA and 50 SMA appear to have crossed at this point. During this period, the price of XRP increased significantly, from $0.2 to $3.84.
As reported by Koinfinans.com, according to EGRAG, when another similar consolidation period occurs, three possible interpretations stand out among the prices.
Positive Scenarios for XRP
The first is that the current formation may lead to a price explosion like in 2017, or even a “rocket ship-style increase”. However, in the alternative scenario, EGRAG predicts that it may be closer to the patterns seen in the bull market in 2021, in which case the price explosion may not occur.
According to the analyst, there is no obvious similarity between the current formation and the moving averages and candlestick formations in 2021. As a third final scenario, the analyst suggested that an unexpected development may have occurred.
EGRAG emphasizes that prices are in 10-fold symmetry and the $27 target for XRP is still valid during this cycle.
According to the analyst, his belief that XRP will reach $27 in this bull cycle has remained unchanged since last year. In past updates, he suggested that this target could be achieved by November this year.
Notably, the analyst argues that XRP could reach $17 this month based on Bitcoin’s price movements. If this happens, it would mirror the 2017/2018 period when the altcoin recorded growth of approximately 1,800% in one month.
Currently, XRP is trading at $0.5961. For XRP to reach $17 or $27, its price would need to increase by 2,751% and 4,429% respectively this year.
Source : The Crypto Basic