Crypto analyst Egrag Crypto has predicted that XRP may be on the verge of a macro channel breakout, which could lead to significant increases in its price. Should these predictions hold true, XRP might very well reach double-digit figures.
XRP Price Eyes Rally To $55 With Potential Macro Channel Breakout
In a recent X post, Egrag Crypto highlighted the likelihood of a macro channel breakout, suggesting that the measured move could point to a peak around $55. While he remains firm on the $27 target, he believes that XRP will likely exceed this figure as it aims for $55.
This bullish outlook has come as Egrag noted that the XRP price is currently in candle number five. Drawing on historical patterns, he has urged market participants to brace for a potentially formidable monthly candle. If XRP follows this past trend, a target of $17 could be well within reach.
In a follow-up X post, Egrag Crypto reiterated his belief that XRP could reach at least $27 during this market cycle. He is growing more convinced that XRP parallels the 2017 bull run, although the timing could vary from the original timeline. His expectation is for XRP to hit double digits by the conclusion of Wave 3 this summer.
Looking ahead, Egrag predicts that Wave 4 will unfold over the next three years, likely followed by a bear market, before XRP potentially rises to triple digits in the subsequent bull run. He believes XRP could reach as high as $120 in that future context. In the near term, however, XRP is still attempting to ascend past critical resistance levels that could facilitate a new all-time high (ATH).
A Bull Pennant Forming On Weekly Chart
Adding to the bullish sentiment, analyst XRPunkie has pointed out a developing bull pennant on the weekly chart for XRP. This pattern suggests a likely breakout upon completing the final pullback to a trading range of $1.80 to $2. The technical target for this pattern is estimated to fall between $13 and $14. XRPunkie has cautioned that investors should prepare for additional pullbacks before reaching the $14 target, advising them to secure profits along the way.
Short-term projections from crypto analyst Ali Martinez suggest that XRP may target a range between $2.70 and $2.90. His analysis indicates that the altcoin appears to be breaking out of an inverse head and shoulders pattern, with these price levels serving as potential upside targets.
As of the time of writing, XRP is trading at approximately $2.2, reflecting a nearly 2% decrease in the last 24 hours, based on data from CoinMarketCap.
