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Crypto analyst Egrag Crypto predicted a macro channel breakout that could be imminent for the XRP. The analyst indicated that the altcoin could reach double digits if this breakout plays out as expected.
XRP Price Eyes Rally To $55 With Potential Macro Channel Breakout
In an X post, Egrag Crypto raised the possibility of a macro channel breakout for the XRP price and stated that the measured move points to a potential high of $55. He stated that he had his eyes on the $27 target, although he indicated that the altcoin will likely surpass this price level on this move as it looks to hit $55.
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This ultra-bullish prediction came as the analyst revealed that the XRP price is currently in candle number 5. He remarked that if history is any guide, then market participants should be looking at a mega monthly candle. If XRP were to follow the same pattern, the analyst affirmed that the target of $17 is definitely in play.
In another X post, Egrag Crypto again predicted that the XRP price could at least reach $27 in this market cycle. He stated that he is becoming increasingly convinced that XRP is mirroring the 2017 bull run, although the timing may be either delayed or accelerated. The analyst predicted that the altcoin would reach double digits by the end of Wave 3 this summer.
Meanwhile, he believes Wave 4 will unfold over the next three years, followed by a bear market, and then the XRP price will reach triple digits in the next bull run. Egrag Crypto is confident that XRP could reach as high as $120 when that time comes. In the meantime, XRP is still battling to break above key resistance levels, which could pave the way for a new all-time high (ATH).
A Bull Pennant Forming On Weekly Chart
In an X post, crypto analyst XRPunkie drew attention to a bull pennant that was forming for the XRP price on the weekly chart. He stated that this bullish pattern is ready for a breakout once XRP completes the final pullback to between $1.80 and $2. The analyst added that the technical target of this bull pennant is between $13 and $14. XRPunkie warned that there will be more pullbacks along the way to $14, so he advised that investors look to secure profits.
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Crypto analyst Ali Martinez has indicated that the short-term target for the XRP price is between $2.70 and $2.90. In an X post, he stated that the altcoin looks to be breaking out of an inverse head and shoulders pattern, with a potential upside target of these price levels.
At the time of writing, the XRP price is trading at around $2.2, down almost 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Pexels, chart from Tradingview.com
