Last Updated on 47 mins by Yash Majithia

In a compelling follow-up to his previous comprehensive analysis, the distinguished crypto analyst, EGRAG CRYPTO, has unveiled yet another captivating projection for the future trajectory of XRP’s price. Drawing inspiration from recent market dynamics, Egrag hints at the possibility of a monumental upswing in XRP’s value, forecasting an impressive increase of 1,160%.

According to his predictions, this surge could potentially propel the digital asset’s price to an estimated $6.7, with some fluctuations possibly positioning it within a range of $6.5 to $7.

The Foundation for a 1,160% XRP Price Surge

This audacious prediction is grounded in Egrag’s systematic examination of past price surges within the XRP market. Delving into historical data, he meticulously scrutinized significant price spikes, specifically concentrating on instances where the price experienced an astounding increase of at least 300% within a single four-month candle.

Egrag identified a total of six parabolic price surges in XRP’s history that met this criterion. These surges saw XRP’s value shoot up by 1,050%, 530%, 2,222%, 740%, 1,577%, and 841% within four months at various points in the past. By averaging these notable price movements, Egrag arrived at the potential for a 1,160% surge.

Adding credibility to this forecast, he aligned it with the Fibonacci extension level of 1.618, a tool used to identify potential resistance levels beyond the previous swing high. By utilizing the Fibonacci extension level, Egrag concluded that both indicators pointed to a similar price range.

In his own words, “This leads us to a tantalizing price prediction of $6.7, nestled within the range of $6.5 to $7. This prediction aligns beautifully with the Fib 1.618 level at $6.5.”

A Solid Foundation for XRP’s Price

Before unveiling his latest forecast, EGRAG CRYPTO conducted an exhaustive foundational analysis of XRP’s price movements over a four-month chart. This prior analysis laid the groundwork for his current predictions. During this analysis, he identified two significant price zones, which he termed Zone A and Zone B.

Zone A encompasses a price range from $0.00485 to $0.02483, primarily spanning from 2013 to early 2017. Within this zone, Egrag highlighted a robust support range ranging from $0.00485 to $0.00596, aptly naming it the “steel foundation.” What sets this foundation apart is its remarkable resilience; the price consistently held this level even during pronounced market downturns.

Zone B, on the other hand, spans a price spectrum from $0.25939 to $2.00. The steel foundation for this zone was identified between $0.25939 and $0.32630. This foundation has exhibited strong support characteristics since 2017. However, Egrag noted that a prolonged bear market and external factors like the SEC lawsuit momentarily pushed the price below this threshold.

Furthermore, Egrag highlighted that, within the four-month timeframe, XRP’s price has never managed to close above the $2.00 mark. This observation is significant, as breaching this resistance level could potentially pave the way for XRP to approach its all-time high of $3.40, a record set on January 7, 2018. According to the analyst, the $2 mark represents the FOMO zone, where investors may rush to buy XRP.

As of the current moment, XRP continues to trade sideways over the past four weeks, with its price at $0.4956.