EGRAG, a seasoned market analyst, has set multiple XRP price targets at $1.2, $2.2, $5.8, $11, $33, and $220, stationed at pivotal Fibonacci levels amid recent bullish SMA cross.
The prominent chartist revealed this while discussing XRP’s current position and its potential to record bullish price surges in the future.
The analyst called attention to a phenomenon known as a gamma-ray burst (GRB) in an attempt to provide an apt illustration of the looming price explosion.
Notably, a gamma-ray burst (GRB) is a highly energetic explosion that releases an enormous amount of gamma-ray radiation. EGRAG believes XRP’s price explosion would take a similar rate.
XRP Could Replicate the 2017 Rally
However, according to the analyst, the primary catalyst for this expected price explosion is the crypto asset’s potential to replicate its 2017 rally.
Notably, XRP slumped to a low of $0.0030 in January 2017 despite the broader market already witnessing a pre-bull run phase then.
After this early underperformance, XRP’s price recorded a massive explosion, surging 110,466% from the $0.0030 low to the all-time high of $3.31 in January 2018.
XRP was the best-performing mainstream crypto asset during the 2017 bull run despite underperforming in the early stages of the bull market.
XRP is underperforming compared to other crypto assets, such as Bitcoin (BTC) and Solana (SOL), in the pre-bull market phase. BTC is up 73% since October 2023, while XRP is only up 17% within the same timeframe. In addition, Solana has rallied 383%.
Potential XRP Price Targets
While XRP’s underperformance has triggered concerns among some investors, EGRAG anticipates a price pattern similar to the 2017 situation.
According to the analyst, when he analyzes the current price position of XRP, factoring in its potential to replicate the 2017 rally, he comes up with pivotal Fibonacci figures.
The first is $1.20, which would lead to XRP finally reclaiming the $1 territory. The second and third rest on the $2.2 and $5.8 price targets. The $5.8 goal would result in a new all-time high for XRP if the crypto asset can attain the price mark.
Potential XRP Price Targets | EGRAG Crypto
However, EGRAG does not stop at this price level. The next Fibonacci zones rest on ambitious price targets, including $11, $33 and $220. For context, the $220 price would necessitate a 36,233% price surge from XRP’s current price of $0.6055.
While this rate of appreciation is less than half what the asset attained in 2017, market watchers have called attention to XRP’s circulating supply as a potential hindrance to a similar price explosion.
Bullish SMA Cross
Regardless, EGRAG remains confident. One of the triggers of this confidence is the bullish cross involving the 12 and 24 SMA. Notably, whenever the 12 SMA crosses above the 24 SMA, XRP witnesses an impressive price surge almost a month later.
This phenomenon occurred in 2017, leading to a historic price rally. Again, it happened in 2021, resulting in another price surge that saw XRP hit a high of $1.96 in April 2021. Interestingly, XRP had not witnessed this cross again until recently. EGRAG believes this would lead to another price surge.
Meanwhile, XRP has picked up the pace in the latest market-wide recovery, solidifying a spot among the largest 24-hour gainers.
XRP is up 7.46% over the last 24 hours, recovering the $0.60 zone and currently trading for $0.6055. 24-hour volume has also surged 45% to $2,547,690,057.
