Analyst EGRAG CRYPTO Forecasts XRP Price Could Hit $27 Soon
Analyst EGRAG CRYPTO predicts a significant price increase for Ripple-linked cryptocurrency XRP, suggesting it may follow a pattern similar to its 2017 rally.
XRP and the 2017 Cycle Correlation
- EGRAG CRYPTO believes XRP is nearing the end of Wave 3 in an Elliott Wave pattern.
- If accurate, XRP's price could reach around $27 soon.
- A slower-moving Wave 4 is expected over the next few years, potentially leading to a peak around $120.
- The price must stay above the 21-day Exponential Moving Average, between $1.95 and $2.10.
- XRP is currently testing the $2 mark with resistance at $2.7265.
Lawyer John Deaton predicts XRP could surpass Ethereum by year-end due to case resolution and increasing network activity.
XRP Price Catalyst To Watch
- Analyst Ali Martinez notes an inverse head-and-shoulders pattern on XRP's one-hour chart, indicating potential for a bullish breakout.
- If XRP breaks the neckline resistance at $2.40, it could rise to $2.70.
- As of now, XRP trades at $2.15, down 5.14% in the last 24 hours.
- XRP-related investment products garnered $37.7 million in the past week, totaling $214 million year-to-date, while Bitcoin and Ethereum saw outflows.
XRP's performance continues to attract attention amidst declining momentum for major cryptocurrencies like Bitcoin and Ethereum.