Crypto analyst Egrag Crypto has once again forecasted that the XRP price might soar to $27. He specified the technical setup that could trigger a parabolic rise for the altcoin as it aims for the $27 goal.
Ways XRP Price Might Hit $27
In an X post, Egrag Crypto mentioned that the Linear Regression targets for XRP’s price are $3.4, $10, and $27. He elaborated that, as of this month, these three significant price levels emerge based on the long-term Logarithmic Linear Regression Channel. The analyst then discussed each price target and how XRP could achieve them.
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Egrag Crypto characterized the $3.40 target for the XRP price as a mean reversion point. He indicated that a retest and rejection at $3.40 would serve as a strong bearish technical analysis signal for the currency. The analyst pointed out that this target is derived solely from chart structure, rather than fundamentals. He stressed that a close above this price indicates that XRP has officially re-entered macro bullish territory.
Additionally, the analyst mentioned that the $10 target for the XRP price represents the upper midline. He noted that this is where full bull expansion usually quickens, and that this target increases over time due to the logarithmic nature of the channel. Lastly, Egrag Crypto identified $27 as the top of the channel. He pointed out that multiple long-term indicators suggest this target for the altcoin.
Importantly, this XRP price forecast arrives amidst several optimistic fundamentals for the altcoin. Ripple recently received conditional approval for its national trust bank charter, potentially enhancing XRP’s adoption. XRP has also recently expanded to Solana with Hex Trust’s launch of its wrapped XRP token for DeFi applications. Meanwhile, Swiss bank AMINA Bank has integrated Ripple payments, which utilize XRP.
Key Levels to Monitor Remain Unchanged
Crypto analyst CasiTrades noted that the critical levels for the XRP price remain constant. The macro supports are $2.03 and $1.64. Conversely, the macro resistance is $2.41, and breaking above this level would confirm a bullish scenario for the altcoin. The analyst further indicated that if a breach above $2.41 occurs, the next projected targets lie around $2.75 and $2.90.
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However, if the XRP price dips below the macro support at $2.03, CasiTrades anticipates that the altcoin might decline below $1.97 towards the $1.64 major support. She reiterated that there is no official confirmation yet on the next potential movement for XRP. Interestingly, the largest IQ holder worldwide, YoungHoon Kim asserted that XRP has a strong chance of reaching a new all-time high by the year’s end.
As of this writing, the XRP price is trading around $2.01, showing a decline over the past 24 hours, as per data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
