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Analyst Predicts XRP Price Eyes $27, Is a Break Out Coming?

Published

4 months ago

August 30, 2024

XRP Price Could Surge to $27, according to crypto analyst EGRAG. This forecast is based on EGRAG’s analysis of XRP price movements within a Fibonacci Channel on the monthly chart. According to the analysis, this surge is contingent upon XRP replicating half of its 2017 bull run performance.

Analyst Predicts XRP Price Eyes a Break Out To $27

In recent XRP news, crypto analyst EGRAG presented a bullish scenario that could see the digital asset reaching as high as $27. This prediction hinges on the asset achieving half of its meteoric rise witnessed during the 2017 bull market.

Utilizing the Fibonacci Channel, EGRAG outlined vital resistance and support zones that could play pivotal roles in XRP rise. Notably, a break above the $0.75 level, currently seen as major resistance, is crucial for initiating this rally.

Source: X

Furthermore, EGRAG emphasized that if XRP can sustain a close above this threshold, the path could be clear toward the $27 mark, coinciding with the 0.618 Fibonacci level. This analysis rests on historical price actions mirrored in the current market structure, suggesting a repeat of the past bull run’s intensity.

Short-Term Challenges Amid Bearish Trends

Despite the optimistic long-term view, the XRP price current market status shows some immediate challenges. The daily chart shows XRP trading below the Upper Band and the 21-day moving average, signaling a short-term bearish phase.

In addition, the Stochastic RSI indicators, with both the K and D lines experiencing declines, further underscore the ongoing bearish momentum. This could indicate an oversold condition, potentially leading to a short-lived price correction before substantial bullish trends take hold.

XRP Price Prediction: Can Ripple Defy Market Trends?

As the year progresses, a panel of fintech experts from Finder has weighed in on the Ripple’s price trajectory by the end of 2024. Their consensus points to an average price of $0.66, with some members predicting highs of up to $1.50

Moreover, Ripple faces a looming appeal by the Securities and Exchange Commission (SEC), which could impact its price movements. Despite the challenges, Ripple fundamentals remain strong, with whale activity suggesting continued interest from large volume holders.

This robust fundamental backdrop could support a potential XRP price prediction toward the $0.75 level, setting the stage for EGRAG’s predicted rally.

At the time of writing, the current XRP price is $0.5633, marking a decrease of 1.72% over the past 24 hours. The trading volume has also decreased by 7.47%, totaling approximately $1,020,087,449.