NewsBTC recently reported a significant 7.05% uptick in XRP’s value in just one week. This bullish movement has sparked speculation amongst crypto analysts, including Egrag Crypto, who has identified two possible future price points for the altcoin.
In a post dated March 7, Egrag Crypto delivered a daring technical analysis of XRP’s price trajectory, hinting at a substantial price rise on the horizon, following its recent gains. This optimistic forecast is primarily based on XRP’s potential to replicate a price surge similar to its 2017-2018 bull run.
Though history does not always predict the future, the cyclical nature of market trends has led some to anticipate another massive leap for XRP. Notably, in early 2018, XRP jumped from a breakout range of $0.35-$0.39 to a local market pinnacle of around $2.89.
For XRP to echo this price surge, it is essential for market bulls to recapture the $3.4 price level, which serves as the local peak of the current bull cycle. Using this price as a benchmark, Egrag Crypto pinpoints $9.7 as XRP’s first significant price target, mirroring the midpoint of its 2017–2018 surge.
The analyst advises investors to consider taking profit around this price level, rather than waiting for a precise market peak. If XRP achieves an exact 718% price surge, the second, more audacious target could be approximately $27.
As of writing, XRP trades at $2.34, reflecting a 5.34% decrease in the past 24 hours. However, its daily trading volume has risen by 8.56%, hitting $8.63 billion. To fulfill Egrag Crypto’s bullish prediction, the altcoin must overcome resistance levels at $2.62 and $3.0 before tackling the $3.4 price hurdle.
Key to this would be a significant boost in purchasing volume and market engagement. Potential bullish indicators include a clear regulatory approach to XRP. Its inclusion in the US digital assets portfolio is promising, but a resolution of the SEC’s appeal case against Ripple would eliminate all regulatory and legal uncertainties surrounding XRP.
Lastly, a marketwide crypto bull run could act as another catalyst. Notably, XRP was among the top-performing crypto assets in the Q4 2024 crypto rally, surging over 460% in the weeks following the US elections.
