XRP to $40? Market Analyst Presents Trajectory for an XRP 6,624% Price Rally

An XRP to $40 price projection might seem like wishful thinking to most industry commentators, but market analyst EGRAG remains confident of a price surge to this degree in the future.

EGRAG has continued to present short and long term targets for XRP, updating his previous analyses to reflect current changes in the market. However, despite the recent XRP price slump amid the broader crypto market collapse, the analyst remains bullish on XRP’s future.

XRP Stuck in an Ascending Triangle 

This sustained bullishness is evidenced in one of his latest reports on XRP, in which he called attention to the asset’s movements on the weekly chart. EGRAG’s chart revealed that XRP currently trades within an ascending triangle that has persisted since 2018.

Data from the chart suggests that the triangle’s formation began when XRP dropped from the $3.31 all-time high in January 2018. Following the crash, XRP recorded lower lows until it slumped to a value of $0.1140 in March 2020. This represents XRP’s lowest price since then.

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Notably, the asset recovered from the $0.1140 price, and embarked on a comeback, reclaiming $1.96 in April 2021. However, despite a subsequent drop, XRP hedged against any drops back to the $0.1140 low. Remarkably, XRP has continued to record higher lows since then. 

This pattern has resulted in the formation of the ascending triangle. Nonetheless, the asset has failed to clinch higher highs, unable to break the $2 price. As a result, the upper trendline of the ascending triangle remains flat. In his analysis, EGRAG noted that this trendline would soon be broken.

A 6,624% Surge to $40

According to him, the XRP market would witness a resurgence of FOMO when XRP retests the $2 price. This FOMO would likely introduce intense buying pressure. However, the analyst emphasized that XRP would drop from the $2 level and retest the lower ascending trendline.

EGRAG’s chart predicts that XRP would bounce back after retesting the lower trendline, eventually breaking the $2 price resistance. The analyst’s ultimate target for when this breakout occurs is $40. This price represents a massive 6,624% increase from XRP’s current value of $0.5948.

Meanwhile, XRP is in a bearish situation in the short term. The current bearishness is courtesy of the ongoing market downtrend triggered by the Binance situation. XRP is down 2.96% over the past 24 hours, with a 36% increase in trade volume to $1,712,035,700.