Analyst Expects XRP Price Explosive Pump To $27, Backed By This Leading Indicator
XRP continued to trade subdued on Friday following a failed recovery attempt on Wednesday. Notably, the crypto asset saw its value decline from $0.61 on Sunday to $0.56 on Saturday, mirroring the broader crypto markets volatility.
That said, while many of its counterparts have shown considerable strength and volatility, XRP has mainly traded sideways, drawing mixed reactions from the XRP community. However, this prolonged consolidation seems to have sparked renewed optimism within the community.
On Thursday, crypto analyst Egrag Crypto tweeted a striking forecast, presenting a monthly price channel of XRP/USDT. According to the pundit, if XRP mirrors half of its 2017 price surge, it could approach the $27 mark, based on the Fibonacci retracement levels.
XRP Half Pump Could Lead to $27. The Fibonacci Channel is an amazing leading indicator, he tweeted, adding, If XRP experiences half of its 2017 pump, it could reach the 0.618 Fibonacci level. This puts the target around $27. The gate will swing wide open once we close above $0.75 with conviction?
Notably, the pundits latest prediction builds on his previous analysis from last week, where he identified a new white triangle pattern, incorporating price highs from 2021. He emphasized that this formation suggests potential breakouts at $1.50 and a more ambitious target of $7.50, noting that for a sustained upward movement, XRP must decisively break above the Genuine Wake-Up Line and successfully retest it as support.
This optimistic projection echoes the sentiments of analyst Amonyx, who highlighted XRPs triangle pattern on a larger two-week chart that has trapped the price since 2018, suggesting an imminent breakout.
XRP will quickly go above $10+ and then above $50+, there is nothing you can do about it. Amonyx boldly claimed.
Meanwhile, the XRP communitys optimism is further bolstered by the recent settlement, which imposed a relatively modest fine of $125 million on Ripple, significantly less than the $2 billion the SEC had sought in the XRP securities lawsuit. Investors are hopeful that this resolution, with the case now settled, could pave the way for a significant rally in XRPs price.
Furthermore, some experts believe that the SEC could be forced to abandon its onslaught on the crypto industry, particularly using securities rhetoric. On Thursday, pro-Ripple lawyer Bill Morgan highlighted recent judicial comments, such as in the SEC vs. Kraken and Coinbase, that seem to favor Ripples position. He noted that multiple judges have made statements distinguishing between the nature of crypto assets and their sales, potentially weakening the SECs argument that crypto tokens are inherently securities.
How many more judicial comments are needed of this kind before the SEC jettisons the discredited embodiment theory or any forlorn hope the courts will ever regard the crypto asset itself as a security? He asked.
At press time, XRP was trading at $0.57, reflecting a 2.52% surge over the past 24 hours.
Text source: ZyCrypto
