XRP Mega Bounce: Top Analyst Predicts an XRP 4,853% Surge, Says $27 is Inevitable

Market analyst EGRAG is confident of an XRP rally to the $27 price threshold, which would see the crypto asset appreciate by a substantial 4,853% rate from its current price point.

EGRAG’s projection, enshrined in his recent XRP analysis, cites historical precedence pertaining to the previous bull run. The analyst emphasized that the previous bull market saw Bitcoin (BTC) rally by 23 times while Ethereum (ETH) observed a remarkable 58 times increase.

The XRP Price Suppression 

Notably, the analyst stressed that XRP also had the potential to register similar gains. However, it faced opposition due to the price suppression emanating from the SEC’s lawsuit against Ripple.

Recall that the U.S. SEC leveled charges against Ripple in December 2020. After that, XRP was able to record a run to $1.9669 in April 2021. However, the asset witnessed intense resistance due to a predominance of selling pressure. 

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When the rest of the market hit new highs in late 2021, XRP could not record any substantial gains. Analysts such as EGRAG attribute the late 2021 bearishness to the effects of the SEC’s lawsuit, which prompted several exchanges to cease support for XRP. 

Now that XRP has gained legal clarity from the July 13 ruling by Judge Analisa Torres, EGRAG believes the asset is primed for a massive uptick. According to the analyst, when XRP begins its next growth trajectory, it would release all the stored energy.

EGRAG projects a potential 40 times increase for XRP when the asset embarks on this bullish journey. He emphasizes that this projected price surge perfectly aligns with the Fibonacci level at 1.618 from XRP’s top price in 2017 to its bottom value in 2020.

Crucial Resistance Points

EGRAG shared a monthly XRP chart to provide enough substance to his claims. The chart outlines XRP’s potential journey to the lofty price target of $27, marked by a series of opposing levels and a substantial resistance point he calls the “next macro resistant.”

Notably, the first crucial opposition the chart details is at the $3.3 price point. This opposition sits at the Fib. 1 level, and aligns with XRP’s all-time high which the asset attained in January 2018. 

Following a breach of the $3.3 price point, XRP would begin registering new all-time highs. However, EGRAG identifies the next opposition to come from the $5.5 price point. This price level represents the next macro resistant point, which would present a significant hurdle to XRP’s rally.

Conquering the $5.5 price would bring the resistance at $13.3 into play, which currently rests on the Fib. 1.414 level. XRP would need to push through the opposition at this level to hit the coveted $27 price point.

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• Source: https://thecryptobasic.com/2023/10/28/xrp-mega-bounce-top-analyst-predicts-an-xrp-4853-surge-says-27-is-inevitable/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-mega-bounce-top-analyst-predicts-an-xrp-4853-surge-says-27-is-inevitable