XRP has been one of the most successful cryptocurrencies this year, and as we approach the end of the year, analysts are making bold predictions about its future price movements. One such analyst is Egrag, who believes that XRP is heading towards $27, but he has set an important condition for this price target to be reached by the end of November.
Egrag’s prediction revolves around the Fibonacci levels, which are used to identify potential support and resistance levels for tradable assets. According to Egrag, if XRP closes November above the Fibonacci 0.50 level (specifically above $0.6), it would mark the first monthly candle closure in an upward trend. This would be a significant signal for future gains, as previous closures were in a downward trend. On the other hand, if XRP closes below this level, it could drift into a trajectory that could see it continue to dip as we approach the end of the year.
Egrag took to Twitter to express his belief that the upcoming monthly close holds immense significance for XRP’s price movements. His prediction is based on the technical analysis of the cryptocurrency’s price action, particularly in relation to the Fibonacci levels.
Should XRP meet the condition set by Egrag and close the month above $0.6, he believes that it will continue to rise in December and beyond. In the long term, Egrag sets a target of $27 for XRP, which would represent a remarkable 4,300% rise from its current price. This price target would also push XRP’s market cap to $1.437 trillion, making it larger than some of the biggest companies globally, including Facebook, Tesla, NVIDIA, and Berkshire Hathaway.
Related Post
Even though XRP has never reached the heights of $3.84, which it achieved in January 2018, Egrag believes that $27 is an achievable target and encourages the XRP community to keep HODLing (holding) as the best is yet to come. He emphasizes the importance of staying steady and remaining committed to the long-term potential of the cryptocurrency.
However, if XRP fails to close the month above $0.6, coupled with a bearish candle formation, Egrag warns that it could potentially drift into a bearish territory known as the yellow Triangle territory. Despite this warning, Egrag has also expressed confidence in XRP’s support at $0.5, suggesting that it will provide robust support in case of a downturn.
XRP’s current price stands at $0.6237, having gained a modest 1.13% in the past day. However, it remains 4.3% down in the past week due to a loss of momentum in the wider market. Despite this, XRP has made significant gains over the past year, trading at $0.36 a year ago.
It is important to note that analysts’ predictions are based on technical analysis and should not be taken as guarantees of future price movements. Cryptocurrency markets are known for their volatility and can be influenced by a wide range of factors, including market sentiment, regulatory developments, and macroeconomic trends.
In conclusion, Egrag’s bold prediction for XRP’s price target of $27 has generated significant attention within the cryptocurrency community. However, it is essential for investors to conduct their own research and consider the inherent risks associated with investing in cryptocurrencies before making any investment decisions.
