Prominent Crypto Analyst EGRAG Believes XRP Could Hit Its Peak for the Current Cycle in July 2024 or May 2025, With an Ascending Channel Detailing Prices Between $1 and Over $500
- 王林Original
- 2024-06-15 21:02:10498browse
He based this analysis on XRP's historical performance, assessing the duration between different market cycles and leveraging it to come to a conclusion.
Prominent crypto analyst EGRAG has shared his analysis on XRP's (CRYPTO: XRP) potential price trajectory, aiming to pinpoint the time frame for the token's peak in the current cycle.
EGRAG's analysis, shared via Twitter on June 10, presents two possible scenarios for XRP's peak, each determined by the duration from the previous cycle's top.
One scenario, dubbed the Blue Cycle, tracks the time XRP took to reach the peak of $1.96 in the 2021 cycle. XRP hit the $1.96 cycle top in April 2021, roughly 39 months, or about 1,186 days, from the $3.31 peak in the previous cycle in January 2018.
The other scenario, dubbed the Green Cycle, highlights the duration for XRP to reach the $3.31 peak for the 2018 cycle. This peak materialized in January 2018, roughly 49 months or 1,492 days from the previous cycle top of $0.0614 in December 2013.
In essence, in the Green Cycle, XRP took 49 months from the previous cycle peak to reach the top for the current cycle then. However, in the Blue Cycle, it took XRP 39 months from the previous cycle peak to reach its top for the ongoing cycle. EGRAG believes XRP would follow either of these cycles, mirroring their durations from cycle top to cycle top.
Possible Cycle Top Between $1 and $500+
In the current market cycle, XRP has already spent 38 months from the previous cycle peak which came up in April 2021. If it trails the Blue Cycle, the next cycle top would come up in July this year (39 months). But if XRP follows the Green Cycle, it would take an extra 11 months to reach this cycle’s top, specifically in May 2025.
This entails that XRP could record a massive price upswing at these dates. While EGRAG fails to provide specific price targets for the top, his chart presents some vague insights.
As per the chart, XRP needs to remain within a multi-year ascending channel consisting of five trendlines serving as both support and resistance. From the drop to the current price of $0.4781, XRP has slipped below the ascending channel. A recovery push could see it re-enter the marked territory.
Interestingly, if XRP hits its cycle peak while inside the channel, the top could range from $1 to over $500, depending on the level it trades within the channel.
News source：https://www.kdj.com/cryptocurrencies-news/articles/prominent-crypto-analyst-egrag-believes-xrp-hit-peak-current-cycle-july-ascending-channel-detailing-prices.html
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