XRP (XRP) Could Be on the Verge of a Massive Price Jump, According to Analyst Egrag Crypto

Egrag Crypto has identified what he calls the “Kangaroo Phase,” a consolidation period that might lead to a breakout.

A well-known chartist is highlighting a "Kangaroo Phase" for XRP that might lead to a massive breakout, setting a maximum price target of as high as $222.

According to the analyst, who is known on YouTube as Egrag Crypto, XRP could be on the verge of a significant price jump as it continues to hold above a key support level.

The chartist points out that XRP has managed to stay above the Fib Bear Market Support Band, which provides support for a steady ascent. Moreover, XRP successfully retested the Bull Market Support Band, which is a positive sign for continuation of the uptrend.

Potential Price Ranges For XRP

Based on previous trends, Egrag Crypto has set a few price ranges for XRP as momentum increases.

He believes that XRP could hit the first range, between $8.50 and $13.00, as the technical indicator, Relative Strength Index (RSI), rises.

The next target is $27, a substantial increase from the current price point.

For those with a long-term perspective, the maximum price estimate is $222. The analyst recalls XRP's 2017 surge, where the cryptocurrency followed a similar trend before making a significant breakout. If history repeats itself, he suggests this ambitious target could be within reach.

At the time of writing, XRP was trading at $2.51, showing a 2.6% increase and 13.1% increase in the daily and weekly frames, respectively, according to data from Coingecko.

The analysis by Egrag Crypto mainly focuses on a technical perspective, examining a Fibonacci extension pattern that saw XRP hit the 1.618 mark in 2017. Afterward, the cryptocurrency broke out significantly.

If the same pattern appears again on the charts and conditions align, XRP might be set for a similar large-scale shift.

A good number of analysts employ the Fibonacci retracement and extension levels to get a hint of how the crypto market might behave in the future.

Although these techniques have helped to identify probable market trends, no specific method guarantees success. Given the significant changes in the market since 2017, the important question is whether the coin can replicate past performance.

Still, there is uncertainty in the market with the digital currency space constantly fluctuating. This can present unexpected challenges for price predictions.

Changes in regulations, general market sentiment, and external economic events all play a key role in the price trajectory of XRP.output: Together, these factors will determine whether the optimistic projections by Egrag Crypto will materialize.