Egrag Crypto, a cryptocurrency analyst at In financial charts, the GRB metaphor reflects price surges of significant magnitude and speed, similar to the intense energy release of a cosmic GRB.
Egrag utilizes Fibonacci Channels for forecasting. This is a technical analysis tool used by traders to identify potential support and resistance levels based on the Fibonacci sequence. A Fib channel is constructed by drawing a trend line between two extreme points (usually high and low) and then dividing the vertical distance by the key Fibonacci ratio. These levels are parallel lines that run across the chart and can serve as price targets or indicators of a reversal.
Cosmic XRP Price Target
1 month chart of XRP/USD shared by Egrag on X explains these Fib levels. “An analysis of the current price position, reflecting XRP’s potential to mirror its 2017 trajectory, reveals important numbers within the Fib channel,” says Egrag. Therefore, the important future price points are $2.2 (0.236 Fib), $5.8 (0.382 Fib), $11 (0.5 Fib), $33 (0.702 Fib) and finally the peak at $220 (1.0 Fib).
The analysis also identifies two “bull market lines” on the chart that have played a significant role in past XRP price movements. Egrag’s analysis predicts that this line will meet for the third time, an indicator that could indicate a new upward trend.
The first encounter occurred when the price of XRP crossed the first “bull market line” in March 2017. The price of XRP has risen by a whopping 60,000% from its current high of $0.005 to $3.30. This now forms the starting point of a second “bull market line”, the second connection point being derived from the April 2021 high of $1.97.
According to Egrag, the price of XRP currently needs to go above $1.20 to cross the “bull market line – 2.” The stimulus for this could be the intersection of the simple moving average (SMA) and the 24 SMA on the 1-month chart.
“Once a bullish crossover occurs, the XRP bull market begins almost one month later,” Egrag says, aligning with historical price movements marked as ‘Cross 1’ and ‘Cross 2’ on the chart. Analysts suggest a similar crossover is imminent and predict a shift from a bear market to a bull market. In particular, the crossover took place in late December 2023 and early January 2024.
Egrag’s comments on social platform “XRP Army: STAY STEADY And Get Ready, the transition from Red to Blue and ultimately Green is imminent. It will be a GRB event.”
Momentum should still turn bullish
In conclusion, Egrag’s analysis presents a bullish case for altcoins, with precise price targets and technical indicators serving as a guide to potential future movements. However, as with all market analysis, investors are advised to approach it with caution and conduct their own research.
XRP price has not been great in recent months. Despite Ripple’s big win in the XRP lawsuit, the price lost all gains. At press time, XRP was trading below the 200-day exponential moving average (EMA), which is considered a “bullish line” in technical analysis.
Featured image from iStock, chart from TradingView.com
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