Analyst Predicts XRP Price Could Reach $27 Based on Technical Patterns
XRP price has encountered selling pressure amid fluctuations in Bitcoin and the broader crypto market. Despite this, analysts maintain bullish targets. EGRAG Crypto forecasts a potential rally to $27 based on current technical setups for XRP.
In a recent post, EGRAG Crypto predicted that XRP could reach $27 during this market cycle, referencing historical patterns. The analyst noted that when XRP first crossed the 21 Exponential Moving Average (EMA) in the 2-week timeframe, it led to a significant rally in 2017, with prices surging by 50,000%.
Applying similar analysis, EGRAG Crypto estimated that an increase to $27 would represent a 4,770% rise, which is 9.54% of the 2017 rally. The analyst expressed confidence in achieving this target, citing the explosive growth experienced in 2017.
-
Source: EGRAG Crypto
Despite recent market turbulence, XRP bulls have maintained support above $2.0. Immediate resistance is at $2.65; surpassing this level could lead to a rally towards its previous all-time high of $3.84 and beyond.
XRP Price ATH Linked to XRP ETF Approval?
Following Donald Trump’s victory in the US Elections 2024, analysts are optimistic about Ripple reaching a settlement with the US Securities and Exchange Commission (SEC), potentially ending a four-year legal battle. Analysts anticipate positive developments from incoming SEC Chair Paul Atkins.
The XRP price has increased by 300% since Donald Trump's victory, with expectations for further gains. There is also rising demand for a spot XRP ETF following lawsuit settlements, with notable asset managers like Bitwise, Canary Capital, 21Shares, and WisdomTree filing proposals with the SEC.
Approval of the ETF could stimulate renewed interest, pushing XRP prices into double digits and facilitating institutional participation. Although Bitcoin and several altcoins have faced declines, analysts suggest that the altcoin season may not be over, indicating potential for a major rally in 2025.