Prominent analyst EGRAG CRYPTO has brought attention to the potential of a significant surge in the XRP price, based on a technical analysis that relies on Fibonacci retracement levels. According to a recent tweet from the analyst, “#XRP Color Code To $1.4: If XRP triumphantly closes above the Fib 0.5 level at $0.57 with undeniable confirmation, we’re setting our sights on the $1.4!”
The detailed analysis of the chart shared by EGRAG CRYPTO reveals key price points that are significant for the future movement of XRP. The “wicking” range is indicated between $0.3875 and $0.4719. A dip below $0.3875 would be a cause of concern as this would invalidate the chart setup.
The “ranging” area where XRP does not have any clear direction and is just moving sideways, is defined by the analyst as the range between $0.4719 and $0.5119. But iff the cryptocurrency manages to push past $0.5119, it enters the “bullish” territory that extends up to $0.5738, which is also the pivotal 50% Fibonacci retracement level.
According to EGRAG CRYPTO breaching this price level is the key catalyst for an extensive XRP price rally. The analyst assumes that XRP will not experience any significant resistance after pushing above the 50% Fibonacci level and could eventually break through the yearly high at $0.9310.
However, according to the analyst, this is not the end of the road. According to him, the final target of a 250% rally is the 1,618 Fibonacci extension level, which is at $1.4694.
Long-term XRP Price Prediction
EGRAG’s broader perspective on XRP’s price performance is rooted in his analysis of the historical accumulation trends. The concept revolves around the notion that the longer an asset remains in accumulation, the more formidable the subsequent breakout. A few days ago, he identified multiple accumulation zones for XRP, with each phase leading to significant price multipliers.
With XRP currently in its longest accumulation zone of 68 months, EGRAG CRYPTO believes this could be the prelude to an explosive rally. The analyst has provided potential price scenarios based on XRP’s all-time high (ATH) of $3.3. The most aggressive of these predicts a 27x surge from its all-time high, positioning the cryptocurrency at nearly $89.1.
The second assumption is a 6.75x increase from ATH elevating the token to approximately $22. Third assumption predicts a 2x multiplier from ATH landing at $6.6, whereas the fourth assumption by the analyst targets a 14x target concluding to $46.
At the time of writing, XRP was trading at $0.5093 after an attempt to regain the trend line (black) failed.
Featured image from Pymnts.com, chart from TradingView.com
