XRP Price Surges Beyond Key Resistance, Setting Targets Between $17 and $55
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Cryptocurrency analyst Egrag Crypto has forecasted that a macro channel breakout for XRP may soon occur, suggesting that it could reach double digits if this scenario unfolds successfully.
XRP Price Targets $55 with Potential Macro Channel Breakout
In a post on X, Egrag Crypto highlighted the likelihood of a macro channel breakout for the price of XRP, indicating that the measured move suggests a peak of $55. He mentioned he is focused on a $27 target but believes the altcoin is likely to exceed this level on its way to $55.
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This extremely optimistic forecast coincided with the analyst noting that XRP’s price is currently at candle number 5. He pointed out that if past trends are any indication, market observers should expect a significant monthly candle. If XRP continues this pattern, he is confident that a target of $17 is certainly achievable.
In another post on X, Egrag Crypto reiterated that the XRP price could at least reach $27 within this market cycle. He expressed a growing belief that XRP is replicating the 2017 bull market, albeit with timing that may vary. He predicts that the altcoin could hit double digits by the end of Wave 3 this summer.
Looking ahead, he anticipates that Wave 4 will occur over the next three years, followed by a bear market, after which he foresees XRP reaching triple digits in the subsequent bull run. Egrag Crypto is optimistic that XRP could soar as high as $120 when that phase arrives. Meanwhile, XRP is still striving to break through significant resistance levels, which could lead to a new all-time high (ATH).
A Bull Pennant is Emerging on the Weekly Chart
Crypto analyst XRPunkie recently pointed out the formation of a bull pennant in the weekly chart for XRP. He explained that this bullish configuration is poised for a breakout once XRP completes its final pullback to between $1.80 and $2. The analyst estimated the technical target of this bull pennant to be in the range of $13 to $14. XRPunkie cautioned that further pullbacks are likely before reaching $14, advising investors to consider taking profits.
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Analyst Ali Martinez has indicated that the short-term target for XRP is between $2.70 and $2.90. He mentioned in a post on X that the altcoin appears to be breaking out of an inverse head and shoulders pattern, with potential upside targets within those ranges.
As of now, the XRP price is trading at around $2.2, having decreased nearly 2% over the last 24 hours, based on information from CoinMarketCap.
Image credit: Pexels, chart from Tradingview.com
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