In a recent revelation, crypto analyst EGRAG CRYPTO, known for his precise technical analyses, has sent shockwaves through the XRP community with a bold prediction. Drawing an analogy to the explosive energy of a Gamma-Ray Burst (GRB), EGRAG CRYPTO forecasts a potential astronomical leap in XRP’s price, reaching as high as $220.
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#XRP – GRB (Gamma-Ray Burst):
Note: GRB-These are incredibly energetic events that release an immense amount of gamma-ray radiation. 🌌💥
Reflecting on #XRP's potential to mirror its 2017 trajectory, analyzing current price positions reveals crucial figures within The Fib… pic.twitter.com/C9kx5aG04j
— EGRAG CRYPTO (@egragcrypto) January 9, 2024
The Reason for EGRAG CRYPTO Bullishness towards XRP
The basis for this bullish outlook lies in EGRAG CRYPTO’s extensive use of the Fibonacci Channel, a technical tool renowned for identifying crucial support and resistance levels. Within this framework, the analyst identifies key price targets for XRP, including $2.2, $5.8, $11, $33, and the astonishing pinnacle at $220. These projections echo XRP’s historical trajectory, particularly its remarkable surge in 2017 that culminated in an all-time high of $3.84 in January 2018.
The analyst, whose prior prediction foresaw a surge to $27, now emphasizes the immense potential XRP holds for the anticipated 2024 bull run. Adding intrigue to his analysis, EGRAG CRYPTO highlights two “Bull Market Lines” on the chart, historically coinciding with XRP’s upward climbs. The first encounter with these lines witnessed a staggering 60,000% surge in XRP’s price. Now, the anticipation is high for a third encounter, signalling the potential initiation of a new bull run.
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GRB Event And XRP
According to the analyst, the key to unlocking this envisioned “GRB Event” lies in XRP conquering the $1.20 mark to cross Bull Market Line – 2. A potential catalyst for this surge could be a crossover of the Simple Moving Average (SMA) and 24 SMA on the 1-month chart. Historically, such crossovers have foreshadowed bull runs, as demonstrated by previous instances marked on the chart.
EGRAG CRYPTO concludes his analysis with a rallying cry to the XRP community, urging them to stand firm as the shift appears imminent. Despite the current lack of upward momentum, with XRP trading at $0.5606, down 1.69% in 24 hours and 10.23% in the past week, optimism within the XRP community remains high. Recently touted as the standard for the next bull run by a prominent crypto proponent, 2024 could indeed be the year when XRP realizes the soaring heights envisioned by its steadfast community.
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