Popular crypto analyst EGRAG crypto has dropped what appears to be the most bullish price prediction for XRP. XRP is subject to different price predictions in recent months from EGRAG and other crypto analysts, as the crypto now has a free hand in its price movements. This time, the analyst claims that XRP is poised to explode by 800% in just two weeks, going from under $0.65 today to over $5.50 in just 14 days. EGRAG’s analysis pointed to price movements and the Fibonacci indicator, indicating that XRP is gearing up for a massive rally.
Huge XRP price increase in a short time
EGRAG took to social media platform X to reveal its latest prediction on XRP. The forecast came as an update to the analyst’s previous forecast in May, in which he shared that the price of XRP was at the final wake-up line. The Final Wake Up Line was drawn from XRP’s all-time high of $3.40 in 2018, sloping downward as the crypto continued to form lower highs. At that time, XRP was trading at $0.4639 and EGRAG gave three price targets of $0.85 to $1, $5.5 and $6.1 in the coming months. The analyst also drew a lower (Atlas) line at higher lows since 2021 to form a symmetrical triangle.
#XRP Medium-term target (0.85c – $1 – $5.5 – $6.4):
The ‘Final Wake Up Line’ probes for the next one #XRP break out. Once #XRP breaks it and retests it without breaking Fib 0.236 (0.45c) on the weekly time frame, then I can say with a high degree of confidence that Fib 1.618 ($5.5 – $6.4)… pic.twitter.com/xzPMi7b7FN
— EGRAG CRYPTO (@egragcrypto) May 22, 2023
Now, five months later, XRP has seen major events in its ecosystem, making it the only crypto asset to gain regulatory clarity in the US. As a result, XRP experienced price growth leading to a spike of over $0.93 against USDT on several crypto exchanges. According to EGRAG, its initial target of $0.85 to $1 was achieved amid the price spike.
XRPUSD currently trading at $0.6231 territory. Chart: TradingView.com
A look at the price chart shared by EGRAG reveals that XRP appears to have formed support around this latest wake-up line. The next target is now around $5.5, a measured move of the symmetrical triangle formed between the last wake-up and the atlas line. EGRAG claims that we could see XRP trading at this price in just two weeks.
#XRP 3 objectives 🚀🎯:
Curious about the details? Check out the May 2022 post for all the details:https://t.co/CGLMB7CgGi
Goal 1: 0.85 – 1$ (complete)
Goal 2: $5.5 (can be achieved within two weeks)
Target 3: $6.4 (Fib 1,618 is extended fuse)#XRPArmy STAY STANDING and… pic.twitter.com/vTYMwxFbA1— EGRAG CRYPTO (@egragcrypto) December 14, 2023
How feasible is this price prediction?
XRP has since fallen below the analyst’s initial target of $0.85. At the time of writing, XRP is trading at $0.62, down 9.59% in a span of seven days. EGRAG argued that the recent price correction could make investors jump ship, but HOLDing is still the best decision right now.
A rise to $5.5 would mean an 800% gain from current levels before the end of the year. However, current fundamentals that an increase of this magnitude in such a short period of time is very unlikely.
EGRAG clarified in a commentary that the forecast was not based on the next two weeks. Instead, the rally to $5.5 would be complete in just two weeks.
Not within the next 2 weeks, but within 2 weeks this entire move will be completed. 👍
— EGRAG CRYPTO (@egragcrypto) December 14, 2023
Featured image from Shutterstock
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