The most recent XRP price prediction by crypto market analyst Egrag Crypto appears to have echoed a frenzy across the broader market. In a post shared on X today, the analyst spotlighted a potential 1700% price rally looming for XRP ahead. Despite the Ripple-backed crypto’s sluggish performance, the analyst’s retained bullishness on XRP has fueled a speculative fire on future price movements.
Here’s a breakdown of the analyst’s remarks on XRP and the vital level it needs to close to attain a 1700% pump.
Egrag Spotlights Bullish Candle Formation
According to Egrag, the Ripple-backed asset’s 3-month time frame has portrayed a “hammer candle formation,” a highly bullish pattern. The analyst strongly believes that a bull run awaits, citing historical data, particularly from April-June 2016 and July-September 2017.
Gauging in on the current situation, Egrag quotes that XRP needs to close above the price range of $0.55 to $0.58 in the coming ten days, presumably when the next 3-month time frame ends. If this happens, the analyst predicts a “perfect hammer formation,” paving the road for a “mega pump” for XRP.
Moreover, if the pattern formation mirrors ‘hammer 2,’ a significant pump of around 1700% could be in the cards, according to Egrag. However, if XRP follows the ‘hammer 1’ pattern, traders and investors might be in for a staggering 5500% pump after a six-month waiting period.
Although, it’s worth remembering that XRP has yet to achieve its wave three target of $1, which the same analyst predicted to be in April. Nonetheless, the crypto community continues to eye the digital asset.
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XRP Price Soars
Simultaneously, XRP price noted an uptick of 1.91% to reach $0.4985 today. The token’s 24-hour bottoms and peaks are $0.488 and $0.5002.
Coinglass data shows a slight 0.55% surge in XRP OI to $564.05 million, aligning with the price pump. However, the derivatives volume dipped 43.23% to $925.11 million, stirring contrasting sentiments.
Also, the RSI moved around 47, hinting at broader market neutrality for the asset. This hints that a potential takeover by bulls or bears looms for XRP.
It’s worth mentioning that Ripple’s CEO Brad Garlinghouse appears to be optimistic about an XRP ETF ahead, which could further fuel gains in the asset. On the other hand, the analyst’s price prediction remains in question at the moment.
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The post XRP Price To Rally 1700% If It Closes At This Level appeared first on CoinGape.
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