Top Analyst Sees XRP Reaching $107 Amid Potential Bullish Hammer Formation

Market analyst and prominent chartist EGRAG expects XRP to rally to $107. He cites historical correlation and the potential formation of a hammer candlestick in the 3-month timeframe.

XRP has not gained as much as other altcoins in the ongoing bull run, but analysts remain confident in its potential, holding onto the narrative that the crypto asset tends to “pump last and largest.”

Potential Hammer Formation

One such analyst is EGRAG, who remains steadfast in protecting potential price rallies for XRP. The chartist drew inspiration from a three-month chart in one of his latest analyses. EGRAG cited historical data and the potential formation of a hammer candlestick for his bullish projection.

According to him, the latest three-month candlestick, which opened in January and is poised to close by the end of this month, is bullish. Calling attention to the shape of the candle, he confirmed that XRP could potentially form a bullish hammer depending on how it ends this month.

#XRP 3 Months Candle – It’s #BULLISH AF: ????????

A) The Triangle formation is still intact ????
i) Previous Cycle extended way beyond the
measured move (Blue Line) of the Triangle ????

ii) This time, if we just take the same measured move
(Green… pic.twitter.com/8BcCqCGDtC

— EGRAG CRYPTO (@egragcrypto) March 5, 2024

Notably, the analyst sees XRP soaring to a high of $1.27 before closing the current candle. However, this $1.27 high is expected to align with a major resistance point stationed at the upper trendline of a multi-year symmetrical triangle. 

XRP Trades Within Symmetrical Triangle 

Data from EGRAG’s chart indicates that XRP has continued to trade within this symmetrical triangle since it dropped from the $3.31 all-time high in January 2018. Interestingly, the last time XRP witnessed such a multi-year symmetrical triangle was from mid-2013 to late 2016.

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Nonetheless, following a breakout in Q1 2017, XRP surged dramatically, surpassing a measured blue line that drew out its price rally. EGRAG has now presented a similar measured line, with the latest one colored green. According to him, if XRP follows this green line like it did the blue one, it could hit major milestones.

If the green path plays out, EGRAG has already identified some crucial price targets. He expects XRP to rally to a $7.5 high before clinching a two-digit price of $11. However, the analyst believes the crypto asset could hit more substantial targets, projecting a run to $27.

Should XRP breach the $27 price level, EGRAG sees a potential push toward a three-digit value of $107.3. Meanwhile, XRP has broken below the $0.60 level amid the latest market correction, now trading for $0.5960. XRP would need to surge by 17,903% from here to hit $107.3.