Famous market analyst Egrag has asserted that price targets between $27 and $44 are conservative outlooks for XRP.
The seasoned market observer shared this striking perspective in a post on X on Wednesday, referencing Fibonacci channel analysis.
The accompanying chart illustrates XRP’s historical performance since its inception, showcasing upward movements aligned with key Fibonacci levels. Egrag pointed out that the chart indicates XRP could experience rallies to reach the Fibonacci channel levels of 0.5, 0.618, and 0.702.
These levels are marked with green circles on the chart and correspond to the peak points XRP achieved during its bull runs in various market cycles, specifically in 2014, 2017, and 2021.
XRP Targets of $27 and $44 Likely
Egrag is now applying the Fibonacci levels from previous cycles to forecast the peak XRP might reach in the current cycle. According to this analysis, the Fibonacci channel levels of 0.5, 0.618, and 0.702 correspond to significant price targets of $13, $27, and $44 for XRP in this cycle.
He stressed that the price points suggested by the Fibonacci levels are a “conservative” target for XRP this season.
At the time of reporting, XRP is trading at $0.5184, down over 11.2%. While XRP is dangerously close to breaching the psychological $0.5 region, Egrag believes the seventh-largest cryptocurrency could still surge by 2,407% in the near term. His upper target of $44 would require a more formidable upswing of 8,387%.
Notably, Egrag is not forecasting such ambitious price growth for XRP for the first time. In numerous analyses in the past, he has stressed that prices above $27 are achievable for XRP in this ongoing cycle, citing various technical formations. However, these projections have yet to materialize.
For instance, in March, he mentioned that XRP’s candlestick patterns reflect those of 2017, which led him to advocate for a $27 outlook. Over six months later, XRP’s market position has not improved.
In response to his latest analysis projecting $44 as “conservative,” a commenter highlighted that such a price might materialize only in the distant future. Egrag maintained that the outlook aligns with what historical charts suggest.
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