Experts predict that the next wave of XRP 41 gains may lead to a legendary rise

Market analyst EGRAG believes that XRP’s next 41% price increase will ultimately lead to a legendary rise with huge gains.

The analyst revealed this in a recent report, when XRP was struggling around the $0.5 price level. Despite its poor performance, XRP has attracted considerable attention due to multiple ambitious price predictions. Market observers believe that XRP is repeating a pattern similar to the massive growth observed in 2017.

Upcoming 41% price increase

In particular, recent analysis from EGRAG suggests that XRP is poised for a slight 41% rally. However, the technical analyst stressed that this minor 41% increase in XRP’s price would herald a more significant price rally leading to a much-needed upward breakout.

He highlighted the macro view of the XRP price chart, describing it as exceptionally bullish. Notably, he pointed to historical data, particularly a similar 41% increase in 2017, which triggered a notable surge afterwards. After a period of continued underperformance in 2017, XRP recorded a simple 41% rise.

Interestingly, this 41% rally laid the foundation for XRP’s rally from January 2017 to January 2018, which culminated in its all-time high of $3.3. This historical background forms EGRAG's confidence in the upcoming repeat performance.

According to the accompanying chart, XRP is currently trading within a symmetrical triangle similar to the one seen in 2017. With the breakthrough after the rise of 41%, the chances of rising will increase. While EGRAG admits that it is impossible to predict an exact percentage increase, he has identified the Golden Ratio 1.618 level as his ultimate target.

XRP May Target $27

Chart data shows that the golden ratio 1.618 point coincides with a price of $27, a value he has long maintained XRP can reach. The path to this goal includes three strong golden section resistance levels, the first of which is located at golden section 1 ($3.31). The next two roadblocks are located at the golden section 1.236 ($7.36) and the golden section 1.414 ($13.5).

A breakout of these levels will strengthen the possibility of a push towards $27. However, he stressed the importance of developing a well-thought-out strategy. Given the unpredictable nature of price fluctuations, he advocates the dollar-selling averaging method. This method allows investors to systematically sell portions of their holdings as prices rise.

Meanwhile, in another analysis, EGRAG discussed XRP’s recent momentum on the monthly timeframe. He pointed out a major bullish signal last month. EGRAG noted that a 75% inverted hammer structure formed at the bottom, a pattern that is often seen as a strong indicator of an upcoming uptrend.

The analyst is particularly optimistic about this signal, predicting that prices could reach $0.75 in the short term. He even hinted that July 2024 could be a turning month with major price surprises. XRP is currently trading at $0.4919 as it struggles to recover and hold the $0.50 support level. Disclaimer: This content is for informational purposes only and should not be considered financial advice. The opinions expressed in this article may include those of the author and do not necessarily reflect those of Crypto Fundamentals. Readers are encouraged to conduct thorough research before making any investment decisions. Crypto Fundamentals is not responsible for any financial losses.