Ripple (XRP) Set for Potential 1500% Surge as Historical Patterns Resurface
- Egrag predicts XRP could surge by 1500%, comparing current trends to its explosive rise in 2017.
- XRPs price above the Bull Market Support Band signals bullish market conditions, aligning with earlier predictions.
- With XRP at the Purple Foundation level, another surge to $27 could mirror past 2017 growth, but market risks remain.
Egrag Crypto recently stated that Ripples XRP might be capable of reaching a 1500% increase. Such forecasting is fairly common within the technical analysis and its premise lies in comparing it to the trading performance of token in 2017. The projection is based on a moving average support band called the Bull Market Support Band or BMSB.
Ripple token price at the moment is above the BMSB, this show that market is bullish. Analyst had said this when the price of token was less than $3.40 and stated that the price would return to the BMSB.
XRPs Historical Surge
Specifically, the analyst notes that there was a similar occurrence in the history of XRP in 2017. Prior to that, XRP reached what Egrag says is the Purple Foundation, the critical support level from where the altcoin skyrocketed. This increase has put the number to grow to 1500% within just four weeks, enough to bring the growth to Fibonacci level to 1.618 or the golden section.
Currently, toekn is located again at the Purple Foundation level of its current cycle of a cryptocurrency market. It has also identified the BMSB, which is in line with the developments of the year 2017. According to expert, this may serve as a boost to another vertical climb such as it was witnessed in the past.
If this is the case, XRP may find a spot to hit the target price of $27 in the Fibonacci analysis. However, it is always a risky affair to make predictions in such an unpredictable market such as the crypto market could be affected by events outside and within the market.
Ripple (XRP) Next Move
There is much discussion of the possibility of an increase of the veil price by another 1500%. Some are positive on the future of the emerging markets, others are cautious, noting that anything can happen on the market. This has been the nature of crypto markets and one has to be vigilant all the time. As of press time, Ripple token is trading at $2.41, showing a 5% decline over the past day.
Source: TradingView
Since the movement of the price of Ripple coin is monitored, people are now waiting for it to repeat the previous cycles patterns. Still, it is still unclear whether the cryptocurrency might repeat the result achieved in 2017 or attempt to follow a different trajectory. In any case, XRP is back in the spot light today; even though it was initially a Bitcoin fork of sorts, currently, it is a cryptocurrency is its own right.
Read more: https://www.tronweekly.com/ripple-xrp-set-for-potential-1500-surge-as/
Text source: TronWeekly
