Ripple (XRP) Set For Potential 1500% Surge As Historical Patterns Resurface

Egrag Crypto recently stated that Ripple's XRP might be capable of reaching a 1500% increase. Such forecasting is fairly common within the technical

A crypto analyst recently stated that XRP might be capable of reaching a 1,500% increase. Such forecasting is fairly common within the technical analysis and its premise lies in comparing it to the trading performance of token in 2017. The projection is based on a moving average support band called the Bull Market Support Band or BMSB.

According to a recent analysis, XRP is currently trading above the Bull Market Support Band (BMSB), indicating a bullish market. The crypto analyst, known as Egrag Crypto, highlighted this development in a tweet on Thursday.

TheBMSBis used to identify bull and bear markets. It also serves as a support during bear markets, indicating a potential return to a bull market.

When the price of XRP was less than $3.40, the analyst anticipated that the token would return to the BMSB. However, the price quickly recovered, leading to a 1,500% increase from the BMSB. This occurred over four weeks and reached the 1.618 Fibonacci level, also known as the Golden Section.

The analyst noted a similar occurrence in the history of XRP in 2017. Prior to that, XRP reached what Egrag says is the “Purple Foundation,” the critical support level from where the altcoin skyrocketed.

This increase put the number to grow to 1500% within just four weeks, enough to bring the growth to Fibonacci level to 1.618 or the golden section.

Currently, toekn is located again at the Purple Foundation level of its current cycle of a cryptocurrency market. It has also identified the BMSB, which is in line with the developments of the year 2017. According to expert, this may serve as a boost to another vertical climb such as it was witnessed in the past.

If this is the case, XRP may find a spot to hit the target price of $27 in the Fibonacci analysis. However, it is always a risky affair to make predictions in such an unpredictable market such as the crypto market could be affected by events outside and within the market.

Some are discussing the possibility of an increase in the veil price by another 1500%. Others are positive on the future of the emerging markets, while some are cautious, noting that anything can happen on the market. This has been the nature of crypto markets and one has to be vigilant all the time.

As of press time, Ripple token is trading at $2.41, showing a 5% decline over the past day.