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Analyst Reveals When The XRP Price Will Hit $17
Crypto analyst Egrag Crypto has again provided a bullish outlook for the XRP price. This time, the analyst predicted that XRP could hit $17 and revealed when the crypto could reach this price target.
When The XRP Price Could Hit $17
In an X post, Egrag Crypto predicted that the XRP price could hit $17. His accompanying chart showed that XRP could reach this price target sometime next year. This came as he remarked that the “bounce off is real” with a potential rally to between $15 and $17.
The crypto analyst assured that the bullish pennant formation remains intact, which could send XRP to this $17 target. However, he cautioned market participants not to celebrate until the crypto closes above $3.40. According to him, nothing is confirmed until XRP has a breakout with solid confirmation.
Egrag Crypto also stated that the conservative target of $15 represents the measured move of the pole leg from the lower end of the pennant. Meanwhile, the normal measured move is the pole leg from the top of the pennant, which puts the XRP price at $17.
Alluding to his accompanying chart, the crypto analyst noted that the yellow line has been XRP’s support so far and that the price is respecting this support level. He further touched on how crucial this line is for this bullish setup, stating that a break below the yellow line could signal a very bearish trend.
This bullish outlook for XRP comes just days after the crypto analyst predicted that XRP could reach $110 in the next market cycle. Crypto analyst Andrei Jikh also alluded to bullish fundamentals, such as the potential end of the Ripple lawsuit, as part of the reasons why the crypto could reach $100.
A Rally To $3.35 Could Be Imminent
Crypto analyst Ali Martinez suggested that the XRP price could rally to $3.35 imminently. He noted that the crypto is following a cup-and-handle pattern and that a breakout of this bull pattern could set the stage for a move toward $3.35.
In an earlier analysis, the analyst had stated that XRP could face a brief pullback, as the TD Sequential indicator flashed a sell signal on the 4-hour chart after a 22% price surge. However, that bearish setup looks to be invalidated by the bull pattern that the analyst recently highlighted.
The XRP price is flying high at the moment, having gained over 13% in the past seven days. This has come amid the US SEC’s acknowledgment of Grayscale’s XRP ETF and 21Shares’s XRP ETF filings. This development has provided some bullish momentum for the crypto as market experts believe there is a huge chance that the Commission could approve these funds.
Furthermore, crypto community members have also opined that the SEC has, through the acknowledgment, made it clear that it considers XRP a commodity and not a security, as Gary Gensler’s administration earlier labeled it.
Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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