Crypto analyst Egrag Crypto has forecasted that the price of XRP could surge to as high as $17, projecting that this target could be reached in the coming year. In his latest analysis, Egrag highlighted the continuation of a bullish pennant formation, which he believes sets the stage for a potential rally to between $15 and $17.
In a post shared on X, Egrag Crypto explained that the “bounce off is real,” noting that the upward momentum remains intact. However, he emphasized the need for XRP to close above $3.40 before the market could confidently celebrate a breakout. He cautioned that the rally would only be confirmed with a solid breakout above this price level.
Egrag also provided insights into the technical aspects of his prediction, indicating that the conservative target of $15 is based on a measured move from the lower part of the pennant’s pole leg, while the ideal target of $17 corresponds to the upper end of the formation. He pointed to the yellow line on his chart, which has served as strong support for XRP, warning that a break below this line could signal a bearish trend.
This forecast follows another bold prediction from Egrag, who recently suggested that XRP could potentially reach $110 in the next market cycle, with analysts like Andrei Jikh also pointing to factors such as the potential resolution of the Ripple lawsuit as a catalyst for the crypto’s growth.
Meanwhile, fellow analyst Ali Martinez has projected that XRP could soon rally to $3.35, citing the formation of a cup-and-handle pattern that could trigger a breakout. Martinez had previously noted a potential pullback after a 22% surge in XRP’s price, but now believes that the bullish cup-and-handle formation could drive the crypto to higher levels.
Adding to the positive sentiment, Dark Defender, another prominent analyst, suggested that if XRP successfully claims the $2.7740 level, it could pave the way for a rise to as high as $8.5, with a bullish rectangle formation forming on the daily chart.
XRP has seen strong gains recently, up by over 13% in the past week, spurred by the US SEC’s acknowledgment of XRP ETF filings from Grayscale and 21Shares. This development has further fueled optimism in the market, with many believing that the SEC may soon classify XRP as a commodity rather than a security, a stance previously disputed under Gary Gensler’s administration.
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