Analyst Predicts Timeline For XRP to Hit $17 and $27 Based on BTC Price Movements

Prominent analyst EGRAG expects XRP to secure a $17 price in May and a $27 value in November based on Bitcoin’s (BTC) price movements.

Amid the latest market uptrend, XRP has not performed as well as some investors envisioned. Notably, XRP is down 1.78% this year, while Bitcoin (BTC) has increased by 62%, with Ethereum (ETH) up 68% within the same timeframe.

Despite XRP’s inability to leverage the market run, analysts remain optimistic. One such analyst is EGRAG, who has continued to make bullish projections for XRP. His latest analysis on XRP presented two price trajectories for the asset depending on a number of factors.

Memory updated#XRP May 2024= $17 or November 2024= $27!!!!

I do not like the game of timing; it’s like throwing darts blindfolded. Guessing the market’s timing is challenging. However, I’ll take a shot and state the following:

A) White Ascending Triangle: ⬜️
The breakout move… pic.twitter.com/pZlDv34FB0

— EGRAG CRYPTO (@egragcrypto) March 10, 2024

The accompanying chart indicates that XRP has been caught in a blue symmetrical triangle since its drop from the $3.31 all-time high in January 2018. Amid this blue symmetrical triangle, the asset has also leveraged a yellow multi-year lower trendline as support.

Its recent price movements have seen it retest the multi-year trendline and the lower boundary of the blue symmetrical triangle, with a breakout expected to occur soon. EGRAG believes the crypto asset could take two paths in this potential breakout.

XRP Could Hit $17 and $27

The first path takes the form of a white ascending triangle. Should XRP break out of this white triangle, its price could skyrocket to $17 by May 2024. According to EGRAG, for this to occur, BTC would need to record a new ATH and face a mild retracement before continuing its uptrend.

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However, there lies an opportunity for more substantial gains. If XRP takes the second path, it would lead to a yellow ascending triangle. A breakout from this triangle could propel XRP’s price to the much-coveted $27 level. Notably, EGRAG stressed that this price is nearly 100x the $0.28 low.

Certain market dynamics must align for XRP to take this trajectory. The major one, according to EGRAG, is Bitcoin rallying to a $200,000 price as its cycle top. However, the leading crypto asset could witness several corrections, amounting to a 30% drop, as a result of washing out leverage.

Meanwhile, XRP currently trades for $0.6098, down 2.31% over the past 24 hours amid the recent loss of momentum in the market. The asset still struggles to hold above the $0.61 territory as the bears push to displace it below the pivotal $0.60 level. 

Despite the price drop, XRP has continued to command interest among market participants, with its 24-hour trade volume recently spiking 28% to the current value of $1.912 billion. Options Open Interest (OI) has also seen a marked uptick, surging 15% to $290K amid a $1.95 billion total derivatives volume.