Cryptocurrency analyst Egra Crypto again predicted that the price of XRP could reach $27. This time, he outlined a technical pattern that could trigger a parabolic rally for the altcoin as it approaches the $27 target.
How XRP Price Could Reach $27
In Post XEgrag Crypto stated that the linear regression targets for the XRP price are $3.4, $10, and $27. He further explained that for this month, these three main price levels stand out in the long term Logarithmic linear regression channel. The analyst then touched on each price target and how XRP could achieve it.
Egrag Crypto has set a target of $3.40 XRP price as mean reversal. He stated that a retest and rejection from $3.40 would be one of the strongest bearish TA signals for the altcoin. The analyst further noted that this target is based solely on chart structure and not fundamentals. He added that a close above this level means that XRP is officially back in macro growth territory.
Additionally, the analyst stated that the XRP price target of $10 is the upper midline. He explained that it was from here full bull expansion usually accelerates and that the target value increases over time because this channel is logarithmic. Finally, Egrag Crypto highlighted $27 as the top of the channel. He noted that many long-term confluences point to this target for the altcoin.
It is worth noting that this XRP price prediction is driven by several bullish fundamentals of the altcoin. Ripple has just been granted conditional approval of a national trust bank charter, which could accelerate the adoption of XRP. XRP just expanded to Solana with Hex Trust’s launch of a wrapped XRP token for DeFi purposes. Meanwhile, Swiss bank AMINA Bank has integrated Ripple payments that operate XRP.
The main levels to view have not changed
Cryptocurrency analyst stated CasiTrades that the main XRP price levels have not changed. Supported macros are $2.03 and $1.64. In turn, macro resistance is $2.41, which would confirm a break above bullish scenario for altcoin. The analyst noted that if a break above $2.41 occurs, the next measured targets would be around $2.75 and $2.90.
However, if the price of XRP falls below the level macro support at $2.03CasiTrades predicts that the altcoin could fall below $1.97 and head towards major support at $1.64. She reiterated that there is no official confirmation yet on the next potential move for XRP. Interestingly, the world’s greatest IQ holder, YoungHoon Kim stated that XRP has a good chance of reaching a up-to-date ATH by the end of this year.
At the time of writing, XRP is trading around $2.01, down over the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
