Amid the widespread uncertainty in the crypto market following the rally, one crypto analyst has maintained steadfast in their belief in the XRP price. The analyst has come forward with an incredibly bullish analysis and forecast that will see the XRP price rally 5,000%.
A God Candle In The Making
On Tuesday, crypto analyst Egrag Crypto came forward with their most recent analysis of the XRP price. Egrag’s conclusion on this analysis came with the expectation of what is usually referred to as a ‘God candle’. This simply means a continuously increasing price trend that leaves a straight green line in its wake.
The post was an update to a previous post where the analyst had first talked about “GODS Candle”. Egrag explains that the XRP price is still trying to scale its personal ‘Berlin Wall’. But eventually, a breakthrough at this point would be spectacular.
A ‘W formation’ that had appeared on the chart, as outlined by the analyst, often comes ahead of “trend reversals and powerful price momentum.” The expectation for this for Egrag is a lead-up into the $0.65 level, which is important to breach. Once this breach occurs, the analyst expects “the confirmation of a price range between $1.10 and $1.40 is highly probable.” However, Egrag explains that there would first be a retest of the $0.55-$0.58 range before the momentum continues.
XRP Price To Surge 5,000% Above $30
In a follow-up prediction, Egrag Crypto reveals their expectations for what the XRP price can do. Outside of the already established bullish trends, the analyst holds high hope for the crypto. They show on a chart that they expect an over 5,000% rally for the altcoin.
The chart attached in the X post outlines a surge to over $30. This price point is placed somewhere in the 2025 time frame, as the analyst cautions investors to not get distracted in the market. Egrag warns that “it’s going to put your emotions to the test, challenge your patience, and measure your endurance.” However, there seems to be a bigger payoff when the price does cross the $30 level.
This price target is in line with Egrag’s Elliot Wave analysis of the XRP price which puts it at $27. In that prediction, the analyst explains that the asset is currently headed into the 3rd Wave which will undoubtedly trigger a rally. But the sweet spot is in the 5th Wave which Egrag believes will send the price to $27.
XRP resumes rally | Source: XRPUSD on Tradingview.com
Featured image from Binance, chart from Tradingview.com