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Renowned crypto chartist EGRAG continues to express confidence in the prospects of XRP, projecting an initial 500% surge for the cryptocurrency once the current correction phase concludes.
This updated analysis follows a previous report from December, where EGRAG humorously referred to an anticipated rally as an "XRP crash."
In the earlier analysis, EGRAG hinted at an upcoming price explosion while anticipating a correction before witnessing the surge. At that time, XRP was trading at $0.6353, steadily climbing in a slow uptrend.
Analyzing XRP's Historical Trends and Retests
During this uptrend, EGRAG's chart featured an upward-sloping lower trendline, representing XRP's support levels at various points. The trendline's upward slope indicated XRP's ability to find support at progressively higher lows. However, over the past three years, XRP has repeatedly retested this trendline after experiencing price declines.
According to The Crypto Basic, the first retest occurred in December 2020 when XRP dropped to $0.17, followed by another retest in June 2022 with a low of $0.2870. Another retest took place in January 2023, reaching $0.30. EGRAG's December 2023 analysis accurately predicted another drop to retest the trendline's support, a forecast that has recently materialized with XRP falling to $0.50 on January 3 amid a broader market decline.
EGRAG's Projection: 500% Surge to $2.8
Drawing parallels to historical movements from June 2014 to December 2017, where XRP experienced four retests of the supporting trendline before rallying to an all-time high of $3.31 in January 2018, EGRAG anticipates a similar trend unfolding.
According to Crypto News, the chartist envisions an initial 500% surge post-correction, bringing XRP to the $2.8 price range, marking the beginning of a more substantial rally.
Despite the ongoing correction and broader bearish sentiment in the crypto market, XRP currently trades at $0.5650, reflecting a 0.44% decrease today. The token has witnessed a 5.7% increase in trade volume over the last 24 hours, reaching $922,638,635. EGRAG's predictions and historical analysis add an intriguing dimension to XRP's current market dynamics.
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