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Egrag Crypto has projected a bullish XRP surge to $27, citing the 21 EMA crossover and historical performance trends. With parallels drawn to XRP's 2017 rally and current market dynamics, the crypto analyst believes a 4,770% price increase is achievable.
Analyst Predicts XRP Could Hit $27 This Market Cycle
This market cycle might see the XRP price hit $27, according to an X article by Egrag Crypto. To back up his claim that the cryptocurrency may really hit this price objective, the expert presented a number of figures.
The crypto researcher began by noting that XRP reached its all-time high in 2017 after an explosive 50,000% surge when it crossed the 21 Exponential Moving Average (EMA) in the 2-week time frame.
Using the same metric on the present price movement, a $4,770% gain would be represented by an XRP crossover of the 21 EMA to $27. A price increase of this magnitude would only amount to 9.54 percent of the 50,000 percent increase saw in 2017.
Historical Trends Suggest Room for Growth
After seeing a more dramatic surge in 2017, Egrag Crypto is certain that XRP can achieve this price objective. The cryptocurrency expert has previously hinted at the prospect of such a price spike for XRP based on past trends, Coingape shares.
As XRP surges to $10, a new market analysis by CoinGape suggests it could hit double digits, if not higher. Such a bullish prediction is supported by fundamentals like Ripple's RLUSD stablecoin and other collaborations.
Ripple’s Case with SEC Could Be a Game-Changer
Another scenario where such a price increase could occur is if the case against Ripple is dropped by the incoming SEC Chair, Paul Atkins. Without a doubt, the price of the coin has been negatively affected by the Ripple.
Egrag Crypto also covered the near-term outlook for the XRP pricing in another X piece. Until one of these two things occurs for XRP, the expert argued that everything else is just noise.
One of the important thresholds to keep an eye on, he said first, is $2. If the analyst's prediction is correct, the cryptocurrency will head for the lower objectives if it breaks below that level.
According to the expert, however, the pyrotechnics will "ignite" if the price breaks above $2.65. Breaking over this level would signal a continuation of the bullish trend, to put it simply.
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