Key Notes
- Crypto analyst EGRAG CRYPTO gave a modest $6 and an optimistic $27 price prediction for XRP.
- The higher range amounts to a 1,200% price increase from the current price of about $2.23.
- XRP price has not been reacting to the events within the Ripple ecosystem, dampening short-term breakout expectations.
The broader cryptocurrency industry is excited about XRP price’s
XRP
$2.23
24h volatility:
3.9%
Market cap:
$131.41 B
Vol. 24h:
$2.22 B
next move. EGRAG CRYPTO, a popular crypto analyst, has weighed in on the matter, hinting at a potential modest but intriguing price gain for the Ripple-associated crypto asset. However, this was not without a twist that could defy the market’s conventional expectations.
Is $27 Price Action Possible for XRP?
On June 12, EGRAG took to X to share a detailed technical analysis of XRP’s future outlook and price performance. He is convinced the coin has a potential to enter a bullish season and hit a new high. His technical analysis hinges on the crossover of the 21-day Exponential Moving Average (EMA) and 33-day Simple Moving Average (SMA).
The analyst believes that this approach holds great prospects for identifying key trend shifts for XRP. Unfortunately, it has long been ignored, hence its underutilization in the crypto market. Based on historic data, a bearish crossover is usually observed when the 21 EMA drops below the 33 SMA, and this usually precedes a significant correction.
https://twitter.com/egragcrypto/status/1933096392286736619
At the same time, EGRAG CRYPTO identified a one-time anomaly where the 21 EMA avoided a bearish crossover with the 33 SMA. This eventually gave rise to a 1,200% rally in XRP price. Should this same “anomaly” repeat itself, he said XRP could go as high as $27. Notably, the price of XRP is currently at $2.23 after losing 2.69% of its price gain within 24 hours.
If XRP does not secure a 1,200% rally but rather a 600% rally, the analyst said the coin’s price will still hit $13. If it captures just a quarter (300%) of the expected surge, the XRP price will trade at $6.70, a modest growth from its current market value.
However, XRP has failed to react to the happenings within the Ripple ecosystem over the past few days. This is dampening short-term expectations
The twist to EGRAG’s bullish projection is the timing and sustainability of the potential XRP price rally. Although the analyst thinks that the epic, fast, and short-lived move will have crypto enthusiasts thinking that XRP “will never go back,” he claims historic data says otherwise.
As a result, EGRAG asked investors to exercise caution and avoid panic-selling or over-optimism.
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Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.