XRP $7 Price Rocket As Nigh As Ever As Epic Gravitational Fall Theory Cites 1,500% Surge
XRPs price experienced a notable uptick on Thursday as the broader cryptocurrency market surged, driving the total market cap up by around 5.7% to $3.16 trillion.
This surge came amid optimism following US President Donald Trumps promises of the biggest tax cut and a major trade agreement. The promises of fiscal changes seemed to lift spirits across the market, with analysts now predicting that XRP could potentially surge by over 1000% soon.
Notably, popular crypto analyst EGRAG Crypto tweeted, referencing a December 2023 prediction, which hinted at a significant price movement for the crypto asset. On Wednesday, he shared a chart showcasing the Epic Gravitational Fall for XRP, paired with the bullish chart pattern of a Giant Cup.
Based on his analysis, the analyst set bold price targets for XRP, predicting it could reach as high as $7.02 and $13.77. These levels are consistent with XRPs past surges, including the 1,500% increase in 2017, and imply that the assets current momentum could mirror the significant growth seen in previous market cycles.
In a subsequent post on Thursday, Egrag Crypto provided an updated XRP price analysis, emphasizing the significance of the Bull Market Support Band (BMSB), which combines the 20-week Simple Moving Average (SMA) and the 21-week Exponential Moving Average (EMA).
According to him, XRPs current price, ranging between $2.15 and $2.41, shows micro noise, signaling that a sustained move above $2.41 could trigger a bullish rally, while a drop below $2.15 could indicate bearish sentiment. Historically, the BMSB has proven to be a reliable indicator of significant price rallies for XRP, such as the surge in 2017.
Analysts Steph has echoed bullish sentiment elsewhere, predicting XRP could hit $30 in the current market cycle. Stephs reasoning is based on the long-term Elliott Wave pattern, signaling a final bullish phase for the asset.
Meanwhile, analyst Jim Knox also chimed in, comparing over 12 years of XRP and Bitcoin price data. According to Knox, XRP typically sees significant price movements in two key scenarios. First, when Bitcoin breaks its all-time high (ATH) and enters price discovery, and when Bitcoin reaches the new cycle top. Knox further pointed out XRPs 1000% surge from $0.30 to $3.30, noting that such surges are consistent with Bitcoins price movements.
Every time BTC hits price discovery, XRP follows with a massive move. Then? Between BTCs ATH breakout and its final cycle top XRP goes quiet. He noted If history rhymes, XRP might now be in a consolidation phase while other projects outperform.
However, analyst Ali Martinez highlighted a descending channel pattern for XRP with a key resistance level at $2.26 in the shorter term. If XRP breaks through this resistance, Martinez suggests the asset could see a breakout towards $2.60.
At press time, XRP was trading at $2.25, reflecting a 6.19% surge in the past 24 hours.
Text source: ZyCrypto
