- Popular crypto analyst EGRAG Crypto has drawn parallels from the 2017 XRP price rally to the ongoing price pattern.
- Based on his projections, XRP could reach a new all-time high of $27 in the upcoming bullish cycle.
As the cryptocurrency takes a bullish turn, popular crypto analyst EGRAG Crypto has highlighted XRP, noting that it is forming similar patterns to the 2017 rally. The analyst has made a $27 prediction based on these similarities.
In 2017, XRP set a new all-time high when it reached $3.07. Based on this particular performance, the analyst foresees the token rallying to as much as $27 in the upcoming bull wave. The crypto analyst observed a crossover between XRP’s 20-day and 50-day simple moving averages (SMAs). This technical indicator is similar to one that appeared before XRP’s breakout in late 2017, which led to its all-time high above $3.
The analyst notes:
I firmly believe that this cycle mirrors Cycle ‘A’ but amplified by a factor of 10X. For example, price levels in Cycle ‘A’ multiplied by 10 would equate to 0.07c in Cycle A becoming 0.70c in this cycle. so my target is still $27 which is 10X of ‘A’.
In 2017, after a 350-day consolidation period, the altcoin staged one of the most dramatic rises. The XRP Ledger token rallied from around $0.20 to a record high of $3.84 in about four weeks.
#XRP
Is This Similar to 2017, or Are We Witnessing Something New?
The historical data reveals two crosses between the Yellow Line (20 SMA) and Blue Line (50 SMA).
A) If this resembles Cycle ‘A’, then we could expect a rapid and aggressive price surge, akin to a rocket… pic.twitter.com/o8PVCqJP14
— EGRAG CRYPTO (@egragcrypto) March 19, 2024
Offering another conservative narrative, the analyst noted that the current setup further matches the 2021 price trend. If XRP takes this path, prices will still stage a remarkable rally to around $1.90. This aligns with similar analyses from other notable crypto analysts. The latest signals show rice is testing the upper boundary of a symmetrical triangle on the weekly timeframe, with the key 200-day moving average acting as support. A breakout from the triangle and the Ichimoku cloud, along with a bullish MACD crossover, could confirm a significant trend change for XRP.
At the time of writing, the digital asset is trading at $0.64. This comes after a 10% surge in the last 24 hours. This has seen the token reduce its weekly losses which stands at 5%. This price performance comes ahead of tomorrow’s lawsuit update.
As CNF reported, the latest development in the SEC’s lawsuit against Ripple Labs involves a joint motion to seal confidential materials within the upcoming remedies briefs. This means the specifics of the SEC’s arguments on March 22nd and Ripple’s response on April 22nd will be hidden from the public. This secrecy shrouds a crucial phase of the case, as both parties present their proposed remedies for the court’s consideration.
With limited information available, XRP investors might face uncertainty and potential price fluctuations as they wait for details to be unveiled. This lack of transparency could be detrimental to the cryptocurrency’s market performance in the short term.
