Cryptocurrency analyst Egrag Crypto explained that XRP has the potential to rise as high as $27 this market cycle. The analyst shared the reasons behind this prediction and stated that the price of XRP could experience a major rise in current market conditions.
Historical Data and Technical Analysis
Egrag Crypto has carefully examined the recent price movements of XRP. According to the analyst, XRP appears to have crossed the 21 Exponential Moving Average (EMA) in the 2-week time frame. This move is reminiscent of a massive 50,000% price increase in 2017. Breaking this level again with a pattern similar to XRP’s current movements could mean a price increase of 4,770%. However, this increase will be only 9.54% of the 2017 boom. Egrag Crypto stated that there is a strong possibility of repeating the rise in the past. Considering the events of 2017, the analyst emphasized that XRP could rise to $27.
Short-Term Expectations and Market Dynamics
Egrag Crypto gave important clues about the paths that XRP will follow in the short term. The analyst stated that if the XRP price breaks around the $2 and $2.65 levels, a decisive trend will occur. A fall below the $2 level may cause the price to decline, while a rise above $2.65 will indicate that the uptrend will continue. Another factor affecting the price of XRP is Ripple $2.2 Litigation process between SEC and SEC. If the case is concluded in favor of Ripple, this could have a positive impact on the XRP price. Additionally, according to analysis by CoinGape, it is stated that XRP may rise up to $ 10 in the short term. One factor supporting this rise is Ripple’s RLUSD stablecoin and other new partnerships.
Egrag Crypto stated that XRP has a serious upward potential in this market cycle and said that investors will shape their decisions by taking technical analysis and fundamental factors into consideration. It is expected that the XRP price will continue to move following the developments.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
