Crypto analyst Egrag Crypto has predicted that the XRP price could rally to as high as $27 in this market cycle. The analyst also provided insights into why XRP could reach such an ambitious price target.
XRP Price To Reach $27 In This Market Cycle
In an X post, Egrag Crypto predicted that the XRP price could reach $27 in this market cycle. The analyst cited some statistics to prove why the crypto could indeed reach this price target.
First, the crypto analyst mentioned when XRP crossed the 21 Exponential Moving Average (EMA) in the 2-week time frame, a move which led to the cycle top in 2017 following an explosive rally of 50,000%.
In applying a similar measurement to the current price action, an XRP crossover of the 21 EMA to $27 represents a price gain of 4,770%. Such a price rally would represent only 9.54% of the 50,000% surge recorded back in 2017.
Egrag Crypto is confident that XRP can reach this price target since it witnessed a more explosive move back in 2017. This isn’t the first time the crypto analyst has raised the possibility of XRP reaching such heights based on historical trends.
Meanwhile, a recent CoinGape market analysis suggested that the XRP price could at least reach double digits as it rallies to $10. Fundamentals such as the RLUSD stablecoin and other Ripple partnerships support such a bullish outlook.
Such a price surge could also happen if the incoming SEC Chair Paul Atkins drops the Commission’s case against Ripple. The Ripple has undoubtedly had a negative impact on the coin’s price.
What To Expect In The Short-Term
In another X post, Egrag Crypto also discussed what to expect from the XRP price in the short term. The analyst stated that everything is just noise until one of these two things happens for XRP.
First, he highlighted $2 as one of the key levels to watch. The analyst remarked that a confirmed break below that target would send the crypto toward the lower targets.
On the other hand, the analyst stated that a break above $2.65 would cause the fireworks to “ignite.” Simply put, a break above this level would lead to a bullish continuation.
The post Analyst Predicts XRP Price To Reach $27, Here’s Why appeared first on CoinGape.
