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Top Analyst Says XRP is FAVOLOSO, Identifies Trigger for XRP to $27
Top Analyst Says XRP is FAVOLOSO, Identifies Trigger for XRP to $27
December 27, 2024
XRP
Market expert EGRAG Crypto has identified the necessary conditions that must unfold before XRP can achieve its ambitious two-digit target. In a recent analysis, he stated that XRP is “FAVOLOSO,” which means fabulous in Italian. Despite the current consolidation, EGRAG reaffirms his conviction that an XRP rally to $27 remains a possibility. For context, XRP has maintained the same price range since December 20, as uncertainty pervades the broader market.
The accompanying chart illustrates XRP’s price movement above the Break of Structure (BOS). This BOS signifies a crucial resistance level that has remained steadfast at $1.96 since April 2021.
Condition Necessary for XRP to $27
Interestingly, XRP broke above the structure in November 2024 amid its impressive run following Donald Trump’s election victory. EGRAG suggests that the breakout above the BOS marked the commencement of a bullish momentum reminiscent of XRP’s performance in 2017.
However, the analyst pointed out that while XRP is holding above the BOS, the 21 Exponential Moving Average (EMA) is still trending below it, currently at $0.8211. EGRAG noted that for XRP to rally toward the $27 target, the EMA must rise above the BOS and align with XRP’s price above this level.
XRP 1M Chart | EGRAG Crypto
Data from the chart indicates that past patterns have preceded significant price surges. In 2017, XRP experienced a massive rally to $3.31 shortly after breaking above its BOS. EGRAG suggests that a similar structure is currently unfolding.
EGRAG has consistently maintained the XRP to $27 target. In an August 2024 analysis, when XRP traded at $0.56, he predicted a surge to $27. He noted that if XRP replicated even half of its 2017 rally, it could reach this level.
Now, in December, XRP has followed a trajectory similar to that of the 2017 fractal. Notably, XRP’s impressive 283% monthly close in November 2024 mirrors a similar 284% monthly close in March 2017, which set the stage for the upsurge that year. Now, the 21 EMA simply needs to break above the BOS.
XRP Current Position
Meanwhile, in the short term, XRP remains in consolidation, currently trading at $2.255. After reaching a seven-year high of $2.9 on December 3, XRP has retraced, finding support at the middle band of the Keltner Channel at $2.252. This level is crucial for the bulls to defend.
If XRP holds this support, it could target the upper Keltner Channel band at $2.669, which serves as the next resistance. A breakout above $2.669 would confirm a renewal of bullish momentum and open the door to higher targets.
XRP 1D Chart
However, a failure to maintain the $2.252 support could see XRP test the $2 psychological level. Further downside could push the price toward the $1.96 support at the BOS and then to the lower Keltner Channel band at $1.83.
Additionally, the Stochastic RSI indicates waning bullish momentum, with %K at 38.76 and %D at 43.24, both trending downward. This suggests a short-term bearish outlook, with bears likely to test support levels before any upward movement resumes.
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