- XRP could hit $7.5 if key resistance at $0.64 is broken, says analyst Egrag Crypto.
- The crypto consolidates between $0.55-$0.60 as analysts predict potential breakout.
- Historical data suggests XRP could mirror its 2017 bull run with significant gains.
Market analysts have identified XRP as a cryptocurrency preparing for a possible upward movement, potentially reaching $7.5 if it surpasses specific technical barriers. According to a recent analysis by Egrag Crypto, XRP’s price is currently consolidating within a crucial range, with eyes on significant breakouts that could drive its next substantial move. Notably, XRP remains in a consolidation zone between $0.55 and $0.60, but the analyst highlights that a breakout above $0.64 could unlock significant price targets.
Key Indicators Point to $7.5 Target
XRP’s price action is showing the formation of a white triangle pattern, capturing the highs from 2021. An important level, labeled the “Genuine Wake-Up Line,” is positioned at $0.64. The next big move is anticipated to occur once XRP breaks above this threshold. Egrag Crypto’s recent observation indicated that although XRP breached the “Atlas Line,” this was seen as a bear trap rather than a breakdown. Holding above $0.55 remains crucial as a weekly close above $0.64 could pave the way for testing $0.70 to $0.75 in the short term.
Looking forward, XRP could see a breakout around $1.5 within the white triangle and eventually move towards $7.5 within the yellow triangle. Short-term targets range from $1.3 to $1.5, followed by a potential triangle breakout retest. The Fibonacci 1.618 level is in focus at $6.4.
Historical Performance Comparison
Comparisons to XRP’s previous bull runs have added further weight to the optimism surrounding its future price action. During the 2017 bull run, XRP experienced one of the largest percentage increases among major cryptocurrencies, driven by excitement over Ripple’s partnerships and technological advancements in cross-border payments. Starting from $0.005, XRP peaked at $3.84, marking an increase of over 76,000%. Analysts, such as MackAttackXRP, suggest that a similar surge could occur in the coming years.
Future Outlook Based on Historical Data
The potential for a repeat of XRP’s historical performance is being closely watched. Some analysts believe that another significant rally could happen in 2024 or 2025. Using past performance as a guide, MackAttackXRP suggested that if XRP were to experience another increase of 76,000% starting from $0.60, the price could theoretically reach $456. However, this projection is based on speculative calculations and depends on broader market conditions. Nevertheless, more conservative targets for XRP in the coming years range from $1 to $133, showing varied expectations based on market adoption.
