Despite currently trading below $1, a top market analyst has predicted that the price of XRP might rally to $44 from its current level
EGRAG CRYPTO, a famous crypto analyst with a large following on X, forecasts a bullish price outcome for XRP. The analyst’s forecasts come amid the coin’s consolidating at the $0.5 price range following the SEC’s appeal in its ongoing case with Ripple.
XRP’s Bullish Forecasts
In a recent X post, EGRAG CRYPTO says XRP could climb toward $13, $27, and $44. These projections represent increases of 2,314.56%, 4,914.86%, and 8,072.36%, respectively, from XRP’s current price of $0.5305. The analyst described these sky-high targets as conservative estimates, citing Fibonacci channel analysis.
#XRP Fib Channel Analysis 📈 ($13, $27, and $44):
Since the inception of #XRP, the chart clearly indicates that we can expect pumps to reach the Fibonacci Channel levels of 0.5, 0.618, and 0.702, as highlighted in the green circles. The blue circle represents an outlier, so… pic.twitter.com/6UviRavIhU
— EGRAG CRYPTO (@egragcrypto) October 2, 2024
EGRAG’s prediction is hinged on the coin’s previous performance. He highlighted key Fibonacci levels that have seen notable price swings, particularly in 2014, 2017, and 2021. These levels indicated at 0.5, 0.618, and 0.702 on the Fibonacci channel have been consistent with XRP’s price highs during bull runs.
Applying these same Fibonacci levels to the current market cycle, the analyst believes XRP will hit $13 at the 0.5 Fibonacci level. At the 0.618 Fibonacci level, EGRAG forecasts $27 for XRP and $44 at the 0.702 Fibonacci level.
Analyst’s Confidence in XRP
As of this writing, XRP is trading at $05305, up 0.63% in the past day and 16% in the past week. XRP’s downtrend was caused by increased selling pressure after the US Securities and Exchange Commission’s (SEC) recent appeal notice. Despite this setback and XRP being close to the $0.5 support level, EGRAG CRYPTO is confident in his price targets.
The analyst has consistently set ambitious price targets for XRP. In an earlier prediction, EGRAG CRYPTO says XRP will reach $27 in the current market cycle. His forecasts hinges on different historical patterns and technical formations.
Some market participants are skeptical about the analyst’s most recent XRP projection. They point out that a $44 price is a dramatic increase and unrealistic considering current global market conditions.Â
Despite their comments, EGRAG CRYPTO and many others are confident in these double-digit targets for XRP. Surprisingly, XRP’s trading volume continues to soar. The 24-hour trading volume surged 30%, indicating investors’ willingness to accumulate the coin.
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