Crypto analyst Egra Crypto has once again predicted that the XRP price could reach $27. This time, he outlined the technical formation that could create a parabolic wave for the altcoin if it locks eyes on the $27 target.
How XRP Price Could Reach $27
In one X messageEgrag Crypto stated that the linear regression targets for the XRP price are $3.4, $10, and $27. He further explained that these three key price levels stand out in the long term from this month onwards Logarithmic linear regression channel. The analyst then discussed each price target and how XRP could achieve them.
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Egrag Crypto described the $3.40 target for the XRP price as the mean reversion. He stated that a retest and rejection at $3.40 would be one of the strongest bearish TA signals for the altcoin. The analyst further noted that this target is based solely on the chart structure, and not on the fundamentals. He added that a close above this level means XRP is officially back in macro bullish territory.
Additionally, the analyst stated that the $10 target for the XRP price is the upper midline. He explained that this is the place full bull expansion normally accelerates and that the target increases with time because this channel is logarithmic. Finally, Egrag Crypto highlighted $27 as the top of the channel. He noted that multiple long-term confluences point to this goal for the altcoin.
Notably, this XRP price prediction comes amid several bullish fundamentals for the altcoin. Ripple has just been granted a conditional approval for its national trust banking charter, which could boost XRP adoption. XRP has also just expanded to Solana with Hex Trust’s launch of its wrapped XRP token for DeFi purposes. Meanwhile, Swiss bank AMINA Bank has integrated Ripple payments, which use XRP.
The most important levels to watch haven’t changed
Crypto analyst CasiTrades listed that the key levels for the XRP price have not changed. The macro supports are $2.03 and $1.64. On the downside, macro resistance is at $2.41, which would confirm a break above bullish scenario for the altcoin. The analyst noted that if a break above $2.41 occurs, the next measured targets will be around $2.75 and $2.90.
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However, if the XRP price falls below macro support at $2.03CasiTrades predicts that the altcoin could fall below $1.97 and head towards the $1.64 major support. She reiterated that there is no official confirmation yet on the next possible step for XRP. Interestingly, the world’s largest IQ holder, YoungHoon Kim, stated that XRP has a high chance of reaching a new ATH by the end of this year.
At the time of writing, the XRP price is trading around $2.01, down in the past 24 hours, according to facts from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com