Egrag Crypto, a cryptocurrency analyst on In financial charts, the analogy of a gamma ray burst reflects a price rise of great magnitude and speed, akin to the intense energy release of a cosmic gamma light flux.
iGrage uses a Fibonacci Channel (Fib Channel) for its forecasts, which is a technical analysis tool used by traders to identify potential levels of support and resistance based on the Fibonacci sequence. A Fibonacci channel is created by drawing a trend line between two extreme points, usually a high and a low, and then dividing the vertical distance by the major Fibonacci ratios. These levels are parallel lines running across the chart, which can serve as markers for price targets or reversals.
Cosmic XRP price targets
1-month chart of XRP/USD subscriber By Egrag on X defines these Fib levels. “Reflecting on XRP’s ability to reverse course in 2017, and analyzing current price conditions reveal important numbers within the VIP channel,” Igrag notes. Accordingly, the important future price points are $2.2 (0.236 Fib), $5.8 (0.382 Fib), $11 (0.5 Fib), $33 (0.702 Fib), and finally, the peak at $220 (1.0 Fib). .
Furthermore, the analysis identifies two “bullish market lines” on the chart, which were active in the previous XRP price movements. iGrage's analysis predicts a third encounter with these lines, which is a potential indicator of a new uptrend.
The first encounter was when the price of XRP crossed its first “bull market line” in March 2017. The price of XRP rose by a whopping 60,000%, from $0.005 to $3.30, the current all-time high. This now also forms the starting point of the second “bullish market line”, with its second touch point deriving from the April 2021 high of $1.97.
According to Egrag, XRP price currently needs to overcome the $1.20 mark in order to cross the “bullish market line – 2”. This may be driven by the crossover between the simple moving average (SMA) and the 24 SMA on the 1-month chart.
“Once the bull crossover occurs, about a month later, the uptrend for XRP begins,” Igrag notes, in line with historical price movements marked on the chart as “Cross 1” and “Cross 2.” The analyst notes that a similar crossover is imminent, anticipating a shift from a bear market to a bull market. It is worth noting that the intersection occurred at the end of December 2023 and the beginning of January 2024.
Egrag's comment on social media platform
The momentum has yet to turn to the upside
In conclusion, Egrag analysis presents a bullish case for the altcoin, with precise price targets and technical indicators acting as a guide to potential future movements. However, as with all market analysis, investors are advised to proceed with caution and conduct their own research.
The price of XRP has not performed well in recent months. Despite Ripple's big win in the XRP lawsuit, the price has lost all its gains. At the time of writing, XRP is trading below the 200-day Exponential Moving Average (EMA), which is considered the “bullish line” in technical analysis.
Featured image from iStock, chart from TradingView.com
