Veteran analyst Egrag revealed that he expects a high for the Ripple price. The analyst highlights the opportunities and challenges that XRP will face on its way to its final price target of $27. Here are the details…
High Ripple price prediction from analyst
Egrag Crypto, a crypto analyst, continued to maintain the $27 price target rhetoric for XRP. The prominent charter recently compiled various previous analyzes to highlight the opportunities and challenges XRP will face on its way to its price target. The analyst attempted to identify these factors in a composite analysis he called the “Bermuda Triangle Chart.” He highlighted seven key points in XRP’s journey to reach $27 in the coming period. These points have also been addressed in previous analyses.
Egrag highlighted the seven arcs representing the seven Fibonacci price targets. These arcs were drawn around key price levels, particularly resistance points. Specifically, the first bow is set at $0.60, the third bow at $1, and the seventh bow at $27. So to reach $27, XRP will need to conquer each of these springs. The analyst also set the market clearing price of XRP at $1.90. The price at which the number of people wanting to sell XRP equals the number of people wanting to buy XRP is the market clearing price. At this price, there is no excess supply or demand for XRP and the XRP market will be in equilibrium.
“Red lake” warning for Ripple price
Also, Egrag pointed out the atlas line, a diagonal line that acts as support for XRP when the asset faces a sharp decline. He stated that XRP should definitely break above this line. This can only happen with a price increase, as observed between 2015 and 2017 and 2017 and 2022. He also highlighted the final wake-up line that he believes will lead XRP into a violent region called the “red lake”. Notably, the last wake-up line is currently located at the initial release point at $0.60. Once XRP exceeds this point, it will slide towards the “red lake”.
The red lake represents an area where bears (sellers) and bulls (buyers) will struggle to take control of XRP’s next price point. For this, it is one of the most decisive regions in XRP’s journey to $27. The second and third arcs are located in the red lake.
Whales can take action
According to the analyst, its rise above the red lake will bring XRP into an area that Egrag refers to as the “stratosphere.” This will either increase the price of XRP or prevent it from rising for several months. However, he argues that once XRP conquers the “stratosphere” region, “whales” will be influential in the market. This means that XRP will see demand from medium-sized investors (sharks) and deep-pocketed investors (whales). Specifically, there are four bows in this “fish” territory, including the $27 bow.
Ripple CEO to talk about cryptocurrencies
Meanwhile, Ripple CEO Brad Garlinghouse will be speaking at the upcoming Dubai Fintech Summit. Garlinghouse prepares to address the key challenges of cryptocurrency use and regulation. cryptocoin.com In a recent tweet, Garlinghouse stated that he will chart the course of the future of cryptocurrencies by joining forces with CNBC reporter Dan Murphy. He explained that he would underline the importance of regulatory frameworks for the emerging industry. Dubai FinTech Summit will take place on May 8 and 9 at Madinat Jumeirah.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.