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Crypto analyst Egrag Crypto has maintained his bold prediction of a $27 price target for XRP, the digital asset associated with Ripple.
Egrag Outlines XRP’s Way to $27
In an extensive chart he calls “The Bermuda Triangle Chart,” Egrag outlined seven key points that XRP must overcome to reach the $27 price target. These points were derived from previous analyses and are represented by seven angles corresponding to seven XRP Fibonacci price levels.
The first angle is set at $0.60, the third at $1, and the seventh, represents the $27 target. XRP must break through each of these angles in its upward trajectory. Egrag also established a market-clearing price of $1.90 for XRP, where supply and demand for the asset reach equilibrium.
The expert identified the “final wake-up line” at $0.60, which, once surpassed, will lead XRP into a critical area called “the red lake.” This region is where bulls and bears will vie for control over XRP’s future price direction, with the second and third angles situated within the red lake.
According to Egrag, surpassing the red lake will propel XRP into the “stratosphere,” a zone that can either drive the asset’s price higher or stagnate it for months. However, once XRP conquers the stratosphere, it will enter the “blue ocean” region.
XRP Recent Performance
XRP has been trading within a range of $0.44 to $0.48 since April 21, with $0.48 acting as a significant resistance level. The mid-point of this range, $0.46, has provided support in recent days.
Following the rejection from the $0.48 range high on April 30, the Relative Strength Index (RSI) dipped below the neutral 50 mark. Additionally, the On-Balance-Volume (OBV) has been in decline over the past three days, indicating some bearish momentum that could push XRP down to the $0.44 support level.
At the time of writing, XRP’s price stood at $0.46.