Key Insights:
- XRP price shows signs of a major rally that could push it toward the $27 mark.
- Analyst EGRAG CRYPTO believes XRP is completing Wave 3 in an Elliott Wave pattern similar to the 2017 rally.
- He projects a short-term surge followed by a longer-term peak, potentially reaching $120 in the next cycle.
XRP price is attracting attention again as analysts forecast a significant surge, citing similarities with the 2017 market cycle.
Analysts like EGRAG CRYPTO and Ali Martinez identify strong technical indicators pointing to a potential long-term rally.
The cryptocurrency shows strong support levels, growing market activity, and bullish chart patterns.
XRP Could be Repeating Historical Patterns, Says EGRAG CRYPTO
EGRAG CRYPTO demonstrates a technical analysis that reveals how XRP could experience its 2017 bullish pattern again.
His latest chart shows XRP price progressing through an Elliott Wave pattern and nearing the completion of Wave 3.
If the pattern follows its past course, the XRP price could advance sharply toward $27 in the short term.
This forecast relies on past market reactions and present market relations aligning with 2017 price surges.
EGRAG CRYPTO predicts that the current Wave 4 price correction will happen gradually throughout multiple years. However, he believes the following bullish phase could push the XRP price to around $120.
In his technical breakdown, he highlights the importance of the 21-day Exponential Moving Average and states that the XRP price must remain above the key support levels between $1.95 and $2.10.
These key figures revealed technical and psychological barriers to maintaining upward movement in market trends.
Bullish Chart Patterns Support Short-Term XRP Growth
Ali Martinez studied XRP price charts to find a classic inverse head-and-shoulders pattern in recent timeframes.
According to Martinez, the bullish formation has been appearing on the hourly timeframe since March 29.
He believes that breaking the neckline resistance at $2.40 could lead the XRP price toward the $2.70 range.
As of the latest trading update, the XRP price is at $2.2062, showing a minor drop of 0.56% in 24 hours.
According to Martinez, the technical data indicates that prices may rise despite the minor price decline.
XRP maintains its attempts at breaking through resistance lines and would see an increase in power if it breaks the current price mark.
The Parabolic SAR dots shift their position below $1.8790, while doing so, they strengthen price prediction in a bullish direction.
The new position of these Parabolic SAR points demonstrates that selling activity is decreasing, which may lead to an upcoming price trend shift that helps buyers.
Additionally, the sign of increasing upward momentum comes from the MACD histogram, displaying a green color with a value of 0.0292.
XRP Outperforms as Ethereum and Bitcoin Show Weakness
XRP price gains have coincided with weakening performance from other major cryptocurrencies like Ethereum and Bitcoin.
CoinShares found that XRP-related investment products received $37.7 Million of capital during the past week.
Total XRP inflows this year amount to $214 Million as the cryptocurrency becomes the next leading choice after Ethereum.
The cryptocurrency market showed Ethereum producing $26.7 Million in outflows during the same period, while Bitcoin lost $6 Million.
The increased amount of capital moving into XRP indicates growing investor interest, possibly caused by legal developments and network utilization growth.
XRP might outgrow Ethereum, according to John Deaton, who acts as legal counsel for XRP owners within the SEC lawsuit.
The market demonstrates growing interest in XRP when major cryptocurrencies struggle to move or decline in value.
XRP price remains above critical support levels, signaling strength and stability. Market conditions demonstrated balanced prospects as the Relative Strength Index reached 55.01, reflecting a bullish trend.
XRP demonstrates positive technical indicators since the MACD generated an early buy signal, and RSI indicates market stability.
The convergence of technical indicators with rising capital flow and market sentiment support demonstrates a strong market expansion outlook.
While short-term fluctuations are possible, the broader outlook suggests XRP price may be poised for further gains.
