Crypto Analyst Predicts 1160% Surge in XRP Price

Crypto Analyst Predicts 1160% Surge in XRP Price

Making Sense of XRP’s Potential 1,160% Price Surge

Renowned crypto analyst EGRAG CRYPTO has recently unveiled a captivating forecast for XRP’s price trajectory. Based on meticulous analysis, Egrag suggests a staggering increase of 1,160% in the digital asset’s value. This surge could potentially elevate XRP’s price to an estimated $6.7, with possible fluctuations ranging between $6.5 and $7.

What makes a 1,160% move for XRP seem possible? Egrag’s forecast is grounded in a methodical examination of past price surges in XRP. By delving into historical data, the analyst identified significant price jumps, particularly those candles that demonstrated a remarkable increase of at least 300% within a single candle in the 4-month chart.

Six parabolic price spikes in XRP’s history met this requirement, showcasing increases of 1,050%, 530%, 2,222%, 740%, 1,577%, and 841% within four months. Taking an average of these significant price moves, Egrag arrived at the potential 1,160% surge.

To reinforce this forecast, Egrag aligned it with the Fibonacci extension level of 1.618, which is used to identify potential resistance levels surpassing the swing high. By leveraging the Fibonacci extension level, the analyst concludes that both indicators point to a similar price range.

“This leads us to a tantalizing price prediction of $6.7, nestled within the range of $6.5 to $7. This prediction aligns beautifully with the Fib 1.618 level at $6.5,” the analyst concluded.

XRP price prediction, 4-month chart XRP price prediction, 4-month chart | Source: X @egragcrypto

A Steel Foundation for XRP’s Price

Before unveiling this latest forecast, EGRAG CRYPTO conducted an exhaustive analysis of XRP’s price movements over a 4-month chart. This foundational analysis forms the backbone of Egrag’s current predictions. Two salient price zones, referred to as zone A and zone B, were identified during this analysis.

Zone A encompasses a price range from $0.00485 to $0.02483, predominantly spanning from 2013 until early 2017. Within this zone, Egrag identified a robust support band ranging from $0.00485 to $0.00596, aptly named the “steel foundation.” This foundation exhibited remarkable resilience as the price consistently held this level even during significant market downturns.

Zone B stretches from $0.25939 to $2.00 in terms of price. The steel foundation for this zone was identified between $0.25939 and $0.32630. Since 2017, this foundation has demonstrated strong support characteristics. However, Egrag noted that a prolonged bear market and external factors, such as the SEC lawsuit, momentarily pushed the price below this threshold.

Furthermore, Egrag highlighted that, in the 4-month timeframe, XRP’s price never managed to close above the $2.00 mark. Breaking through this resistance could potentially pave the way for XRP to approach its all-time high of $3.40, reached on January 7, 2018. According to the analyst, the $2 mark represents the FOMO zone, where investors will eagerly rush to buy XRP.

As of now, XRP remains in a sideways trend over the past four weeks, trading at $0.4956.

XRP trades below trend line, 1-week chart XRP trades below trend line, 1-week chart | Source: XRPUSD on TradingView.com

Summary and Conclusion

Egrag’s forecast of a potential 1,160% surge in XRP’s value, driving the price to approximately $6.7, captures attention and generates excitement within the blockchain industry. By meticulously analyzing past price surges and leveraging the Fibonacci extension level, Egrag presents a compelling case for this monumental rise.

Moreover, Egrag’s foundational analysis of XRP’s price movements, uncovering the steel foundations in zone A and zone B, provides valuable insights into the potential future growth of the digital asset. Breaking through resistance levels, such as the $2 mark, could unleash further upward momentum for XRP, potentially reaching its all-time high.

Ultimately, as the blockchain industry continues to evolve, forecasts and analyses like Egrag’s contribute to the understanding of XRP’s potential and offer valuable guidance to investors and enthusiasts alike.