Crypto analyst Egra Crypto has revealed the chances of XRP price rising to $9 in this market cycle. He referenced performance in previous cycles to explain why he believes this $9 target is the minimum for this cycle, with the possibility that XRP could reach higher prices.
Chances of XRP price rising to $9
In one X messageEgrag Crypto revealed a 57% chance that the XRP price will rise to $9. This came as he highlighted a falling, widening wedge, which he claimed has a 57% chance of breaking up and a 43% chance of breaking down. He advised those betting on an edge to consider selling XRP when the price reaches the $9 rangebecause that is also a measured move.
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Egrag Crypto is also betting on it the XRP price rising to new highs based on the altcoin’s historical performance in previous cycles. He noted that during the 2021 cycle, XRP rose approximately 1,700% from cycle lows to cycle highs. Meanwhile, the altcoin has seen an increase of 1,160% so far in this cycle.
The analyst further noted that he cannot accept the idea that the XRP price will underperform the 2021 cycle by 540% in this cycle, especially given the existing narratives in this cycle. This likely includes stories like the XRP ETFswhich have attracted institutional inflows into the XRP ecosystem.
In line with this, Egrag Crypto predicts that the Cycle 2021 percentage gains, which would mean the altcoin could rise to a high of $5.20. He revealed that he might sell a small portion at $5 to assess the market, but that he is aiming for bigger gains, especially given his projection that XRP could reach $9.
No plans to sell now
Egrag Crypto stated that it has no plans to sell now, despite the recent XRP price crash, which has sparked speculation a market top. The analyst said he will hold on, even if it means seeing his portfolio through a bear market. He reiterated his belief that XRP will head towards a low of $9, with an average target of $20 and a high-end target of $27.
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Egrag Crypto also said that if this is the market top, it would mean they are “robust” for the second cycle. He alluded to how the Solana price rose from $8 to about $300, representing an increase of about 3,600%, while Bitcoin rose from $15,000 to $126,000, an increase of about 840%. As such, he believes that the XRP price should post bigger gains than it has thus far.
At the time of writing, the XRP price is trading around $2.40, down more than 3% in the past 24 hours. facts from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com