In a follow-up to his previous intricate analysis, renowned crypto analyst EGRAG CRYPTO has unveiled another riveting forecast for the XRP price trajectory. Drawing insights from his recent observations, Egrag points to a potential mammoth rise in XRP’s value, suggesting an impressive increase of 1,160%.
This surge, he predicts, could elevate the digital asset’s price to an estimated $6.7, with possible fluctuations placing it within a range of $6.5 to $7.
Here’s Why A 1,160% Move For XRP Seems Possible
The genesis of this bold prediction lies in Egrag’s methodical approach to analyzing past price surges in XRP. Delving into the historical data, he assessed significant price jumps, specifically focusing on those candles that showcased a remarkable price increase of at least 300% in a single candle in the 4-month chart.
The analyst found a total of six parabolic price spikes in the history of XRP that met this requirement. According to him, XRP recorded increases of 1,050%, 530%, 2,222%, 740%, 1,577%, and 841% within four months in the past. Through an average of these significant price moves, Egrag arrived at a potential 1,160% surge.
Adding more weight to this forecast, he aligned this prediction with the Fibonacci extension level of 1.618. This is utilized to pinpoint potential resistance levels surpassing the swing high. Using the Fibonacci extension level, the analyst concludes that both indicators predict a similar price range.
“This leads us to a tantalizing price prediction of $6.7, nestled within the range of $6.5 to $7. This prediction aligns beautifully with the Fib 1.618 level at $6.5,” the analyst concluded.
A Steel Foundation For XRP Price
In a foundational analysis preceding his latest forecast, EGRAG CRYPTO meticulously analyzed XRP’s price movements over a 4-month chart yesterday. He unveiled critical insights that now serve as the backbone of his current predictions. This prior analysis was punctuated by the identification of two salient price zones, termed by Egrag as zone A and zone B.
Zone A encapsulates a price range from $0.00485 to $0.02483, which predominantly spanned from 2013 until early 2017. Within this zone, Egrag highlighted a robust support band ranging from $0.00485 to $0.00596, which he aptly named the “steel foundation”. What is remarkable about this foundation is its resilience; the price consistently held this level even during pronounced market downturns.
Zone B, on the other hand, spans a price spectrum from $0.25939 to $2.00. The steel foundation for this zone was identified between $0.25939 and $0.32630. This foundation has exhibited strong support characteristics since 2017. However, Egrag noted that the combination of a prolonged bear market and external elements like the SEC lawsuit, momentarily nudged the price below this threshold.
Furthermore, Egrag underscored that in the 4-month timeframe, XRP’s price never sealed a closing above the $2.00 mark. This observation is instrumental, as breaking this resistance could pave the way for XRP to approach its all-time high of $3.40, which it touched on January 7, 2018. According to the analyst, the $2 mark is the FOMO zone where investors will rush into buying XRP.
At press time, XRP remained in its sideways trend of the past four weeks, trading at $0.4956.
Featured image from Shutterstock, chart from TradingView.com
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