XRP Primed for a 300% Rally to $9 in Current Bull Run, Analyst Predicts
A prominent crypto analyst, Eggrag Crypto, has unveiled a bullish outlook for XRP, projecting a potential 300% price rally to hit $9 within the current market cycle. This optimistic forecast is rooted in technical chart patterns and historical performance data, suggesting significant upside for the digital asset despite recent market fluctuations.
Technical Signals and Historical Precedents Point to Upside
Eggrag Crypto's analysis highlights a descending broadening wedge pattern in XRP's chart, which he believes indicates a 57% probability of an upside breakout. He advises investors to consider taking profits if XRP reaches the $9 mark, viewing it as a "measured move." The analyst further supports his prediction by comparing XRP's current performance to its previous cycles. During the 2021 bull run, XRP experienced an astonishing 1,700% increase from its cycle low. While the current cycle has seen an impressive 1,160% gain so far, Eggrag Crypto argues that existing narratives, such as the emergence of XRP ETFs driving institutional inflows, suggest XRP is poised for even greater gains. He draws parallels with other altcoins like Solana, which surged approximately 3,600% from $8 to $300, and Bitcoin's 840% climb from $15,000 to $126,000, asserting that XRP's current performance is comparatively subdued and should catch up.
Unwavering Conviction Despite Market Volatility
Despite a recent XRP price crash that sparked speculation of a market top, Eggrag Crypto maintains his strong conviction and has no immediate plans to sell his holdings. He expresses readiness to ride out a bear market if necessary, reinforcing his belief that XRP is headed for a minimum target of $9. Beyond this initial target, his projections extend to an average of $20 and a high-end target of $27. At the time of this report, XRP is trading around $2.40, reflecting a minor dip of over 3% in the last 24 hours. The analyst posits that if current market conditions represent a top, it would imply an unprecedented and "rugged" second cycle for XRP, suggesting the asset still has substantial room for growth based on historical market behavior.
