A recent technical analysis from the respected market expert, Egrag Crypto, has brought to light two compelling scenarios that could significantly influence the next major price surge for XRP. By meticulously examining historical price behaviors and identifying crucial support levels, the analyst proposes that XRP is currently positioned for either a moderately strong rally, potentially pushing its value towards $9.6, or a more explosive ascent reaching an impressive $33.
XRP's Historical Retests Pave Way for Potential $9.6 Target
In a recent communication shared on X social media, Egrag Crypto meticulously dissected XRP's market dynamics during the 2021 bull cycle. His analysis particularly focused on the cryptocurrency's interaction with the 21 Exponential Moving Average (EMA) and its instrumental role in catalyzing substantial price appreciation. The year 2021 represented a period of immense volatility for XRP, largely due to the legal proceedings initiated by the U.S. Securities and Exchange Commission (SEC) against Ripple.
This pivotal lawsuit exerted considerable downward pressure on XRP’s price, causing it to breach the 21 EMA. Such a decline disrupted the established bullish market structure that had previously underpinned XRP’s upward trajectories, sowing seeds of uncertainty and apprehension among investors. However, XRP demonstrated remarkable resilience, eventually reclaiming the 21 EMA and solidifying it as a vital support benchmark. The analytical chart vividly illustrates that following a successful retest of this critical moving average, XRP embarked on a vigorous rebound, propelling its price upwards by approximately 414%.
Applying this historical percentage gain to XRP’s current market configuration, Egrag Crypto outlines his initial bullish forecast. This scenario projects a potential peak for XRP around the $9.60 mark. His in-depth chart examination further highlights striking resemblances between the present market conditions and the key indicators observed in 2021, especially noting XRP’s recent retest of the 21 EMA on June 9th of this year. This repetition of a significant technical event suggests that a similar bullish momentum could be imminent for the digital asset, providing a strong foundation for the $9.6 target.
The Path to an Explosive $33 Moonshot for XRP
Egrag Crypto’s second, and more ambitious, scenario for XRP’s price trajectory draws inspiration from its extraordinary performance during the 2017 bull cycle. In that period, the 21 EMA served as a formidable launchpad for exponential growth. XRP successfully bounced off this crucial support level not once, but twice, effectively setting the stage for an astonishing 1,610% rally. This unprecedented breakout marked a watershed moment in XRP’s history, catapulting the asset from mere sub-dollar valuations to establish a new all-time high of approximately $3.84 at the zenith of that particular bull cycle.
Should XRP replicate the vigorous market dynamics witnessed in the 2017 cycle, Egrag Crypto’s projections indicate another substantial 1,610% increase. This measured move could potentially drive XRP’s price to a far more aspirational target of $33. Such an astronomical rally would undoubtedly solidify XRP’s position as one of the most remarkable performers in the history of the cryptocurrency market, distinguishing it as a premier digital asset.
With the protracted U.S. SEC lawsuit against Ripple finally reaching its conclusion, and XRP having successfully completed its third retest of the 21 EMA this year, the confluence of these favorable conditions appears to be setting the stage for a significant price surge. These technical and fundamental alignments suggest a potent environment for XRP to potentially ascend towards either the $9.6 or the more ambitious $33 valuation. The market is keenly observing these developments, anticipating how these historical patterns might unfold in the current cycle.
As of the latest market data, XRP is currently trading at approximately $2.87. It has experienced a modest decline of about 5% over the past week. Although the cryptocurrency briefly managed to reclaim the psychological $3 resistance level, it subsequently struggled to maintain this momentum and is presently consolidating just below this key threshold. Investors and analysts alike are closely monitoring these price movements, particularly how XRP interacts with its established support and resistance levels, as the potential for significant rallies remains a prominent topic of discussion within the cryptocurrency community.
