Egrag, a prominent crypto expert, has reiterated his thoughts on XRP’s future price action and believes that the digital asset is on its way to hitting the $27 target. The analyst has listed the challenges and possible driving forces that Ripple’s token will encounter. Egrag took to Twitter to share his analysis, titled “The Bermuda Triangle Chart”. The chart consists of seven key points in XRP’s march towards the significant price point, $27. The chart follows the Seven Arcs, which provides seven Fibonacci circle price targets around crucial price levels at resistant points. The first arc stands at $0.60, the third at $1, and the seventh at $27. This suggests that XRP must conquer each arc point to reach the $27 mark.
Egrag set XRP’s clearing price at $1.90. The equilibrium fiat value of an asset at which the number of buyers equals sellers, clearing price is the price at which asset demand equals supply. Furthermore, the analyst highlighted the atlas line, a diagonal line drawn at the price level that supports XRP during a sharp decline. According to Egrag, XRP must break above the atlas line by every means possible. However, that can only happen with a price rally, as observed between 2015 and 2017 and between 2017 and 2022.
Egrag’s analysis did not end there. He also pointed out other crucial price points XRP must conquer as it moves to $27. One of these is the Final Wake-up Line. He believes that after conquering the Final Wake-up Line, the coin will move to a fierce zone tagged The Red Lake. The Red Lake is among the determinant regions for a successful rally towards $27. It is where the bulls and bears will fight to control XRP’s next price point. The second and third arcs, part of the Seven Arcs, lie within the Red Lake.
In the analysis, Egrag also mentioned the Stratosphere and Blue Ocean regions. He stated that breaking above the Red Lake region would propel the coin to the Stratosphere. The Stratosphere does either of the two things, push its price higher or resist further increases for several months. Nevertheless, once it breaks above the Stratosphere region, the price would likely surge, reaching the Blue Ocean region.
The Blue Ocean is the price region where sharks and whales take control. There, the sharks and whales accumulate chunks of tokens. Notably, four of the seven arcs lie within the Blue Ocean region, and the price could ultimately hit the $27 mark once it conquers the Blue Ocean region.
Egrag’s analysis followed each point with a chart that provided a comprehensive view of XRP’s journey towards $27. His analysis presents a positive outlook for XRP, highlighting that the token has the potential to reach new heights.