Expert Claims Fibonacci Analysis Indicates A Significant XRP Rally Ahead

A renowned market analyst, Egrag, has predicted that XRP could surge by 8,387% to hit $44. This bold forecast stems from his analysis using Fibonacci levels.

Despite XRP's current price struggles, Egrag maintains a bullish outlook. He claims that his analysis indicates that XRP's potential growth may be conservative.

XRP's Conservative Targets: $27 and $44

Egrag, a respected analyst, recently shared his price predictions for XRP, suggesting potential targets between $27 and $44. Based on Fibonacci channel analysis, he believes these figures are conservative.

In a post shared on X (formerly Twitter), Egrag explained how XRP's historical price movements align with these key Fibonacci levels.

#XRP Fib Channel Analysis ($13, $27, and $44):

Since the inception of #XRP, the chart clearly indicates that we can expect pumps to reach the Fibonacci Channel levels of 0.5, 0.618, and 0.702, as highlighted in the green circles. The blue circle represents an outlier, so... pic.twitter.com/6UviRavIhU

- EGRAG CRYPTO (@egragcrypto) October 2, 2024

The analysis shows that XRP has followed upward trends during previous market cycles, reaching significant Fibonacci levels. Its price movements in 2014, 2017, and 2021 correspond to the Fibonacci levels of 0.5, 0.618, and 0.702.

The analyst marks these levels as potential future targets for XRP, with $13, $27, and $44 being the most likely targets.

According to Egrag, these price points may seem ambitious but are based on historical patterns. He added that the projections align with XRP's past performance, making them reasonable expectations in this ongoing market cycle.

Fibonacci Levels and XRP Price Potential

Egrag's analysis delves deeper into Fibonacci channel levels, historically guiding XRP's price during bull runs. He noted that the 0.5, 0.618, and 0.702 were critical points in previous market cycles. Each level marked significant price jumps during those periods, and Egrag expects the same in the current cycle.

Ripple's token trades around $0.535, a far cry from the $13, $27, or $44 targets predicted by Egrag.

However, the analyst is optimistic. He believes XRP could surge by over 2,400% in the short term, with a longer-term growth of 8,387% if the price reaches the $44 mark.

Egrag's price forecast is not new. He has made similar bold predictions about XRP's potential in the past. For example, earlier this year, he suggested that XRP's price movements mirrored those of 2017. This comparison led him to predict a $27 price target, which has yet to materialize.

Despite the optimism, XRP's price has remained stagnant in recent months. The token's value dropped by over 11% recently, nearing the $0.50 mark.

Nevertheless, Egrag believes that XRP will rally to the predicted levels. XRP's Deflationary Model and Future Growth

Another expert, ModernInvest, also sees a bullish future for Ripple's native token. The analyst recently commented on XRP's deflationary nature, where each transaction on the network burns XRP tokens.

If #XRP dosen't hit $20 this BULLRUN it would be weird. #HODL @ModernInvest pic.twitter.com/oDLr0sQUsE

- RIZ.. (@RizXRP) October 3, 2024

As more transactions occur, the supply of XRP decreases, which could drive the price higher.According to XRPScan, about 12.885 million XRP tokens have been burned outof the 100 billion token supply.

ModernInvest added that the anticipated launch of RLUSD stablecoin in late 2024 could help boost XRP's price.

Additionally, institutional interest in XRP is growing. The recent launch of Grayscale's XRP Trust and the upcoming Bitwise XRP ETF are expected to increase token demand. ModernInvest believes this growing interest will help XRP reach new heights.

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