Renowned market analyst Egrag claimed that the target price between $27 and $44 is a conservative outlook for XRP.
The experienced market observer shared this surprising perspective in a post to X on Wednesday, referring to Fibonacci channel analysis.
The attached chart shows XRP’s historical performance since its inception, showing an upward movement in line with key Fibonacci levels. Egrag pointed out that this chart shows that XRP could experience a rally to reach the Fibonacci channel levels of 0.5, 0.618, and 0.702.
These levels are marked with green circles on the chart and correspond to the peak points that XRP achieved during various market cycles, specifically the bull markets of 2014, 2017, and 2021.
XRP chart by Egrag
XRP targets likely to be $27 and $44
Egrag currently applies Fibonacci levels from previous cycles to predict the peak XRP that is likely to be reached in the current cycle. According to this analysis, Fibonacci channel levels 0.5, 0.618, and 0.702 correspond to important price targets for XRP during this cycle: $13, $27, and $44.
He emphasized that the price point implied by the Fibonacci levels is a “conservative” target for XRP this season.
At the time of reporting, XRP is trading at $0.5184, down over 11.2%. Although XRP is dangerously close to breaking out of the psychological $0.5 territory, Eglag believes the seventh-largest cryptocurrency still has the potential to soar 2,407% in the short term. His top target of $44 would require an even more formidable 8,387% rally.
Notably, Egrag is not the first to predict such an ambitious price increase for XRP. In numerous analyzes in the past, he has cited various technical formations and emphasized that a price above $27 for XRP is achievable in this ongoing cycle. However, these predictions have not yet come true.
For example, he said in March that XRP’s candlestick pattern mirrored that of 2017, which led to his outlook at $27. After more than half a year, XRP’s market position has not improved.
In response to his latest analysis, which predicts $44 as “conservative,” one commenter emphasized that such a price may be a long way off. Mr. Eglag maintained that the outlook is in line with what historical charts suggest.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the personal opinions of the author and do not reflect the opinions of The Crypto Basic. We encourage our readers to conduct thorough research before making any investment decisions. Crypto Basic is not responsible for any financial losses.
