Amid the current turbulence in the cryptocurrency market, which has led to a decline in Ripple XRP over the past few weeks, a particular analyst remains steadfast in their extremely optimistic prediction. Despite the recent downturn, EGRAG, an anonymous chartist renowned for in-depth technical analyses of crypto assets, has reasserted their stance in a recent update.
The analyst anticipates a substantial XRP rally, projecting a surge of over 500% that could propel the token to reach initial targets approximately at the $2.80 mark, after reaching its lowest point.
Ripple’s Support Story
The chart illustrates a support trendline that Ripple XRP has consistently rebounded from during corrections spanning several years. Each test of this support has resulted in higher lows, indicative of bullish investors buying the dips. In late December, EGRAG predicted another drop to retest the support before an extended surge in XRP. This prediction unfolded this month, with the token reaching a low of under $0.50 amidst widespread cryptocurrency selling pressure. This recent dip marks the fourth instance since 2020 that XRP has bounced off the trendline.
EGRAG points to a similar four-touch pattern observed from June 2014 to December 2017, which preceded a significant rally in 2018 when XRP reached all-time highs of around $3.30. EGRAG anticipates even higher levels in the current cycle once XRP bottoms out and moves beyond the trendline support permanently. Although precise upside targets are challenging in the volatile crypto space, EGRAG envisions an initial 500% surge in XRP to the $2.80 range from the current levels around $0.56. However, the analyst emphasizes that this would only mark the beginning of a more substantial rally.
Looking ahead, EGRAG expects XRP to challenge and surpass its previous peak above $3.30. Despite the long-term nature of this ultra-bullish outlook, EGRAG believes that patient holders will ultimately be rewarded with significant upside once selling pressure subsides. Currently, the situation involves a waiting game as broader market factors continue to influence short-term price movements.