The famous investor and trader Egrag Crypto, who has drawn attention with his analyses shared on social media platform X, shared a striking analysis for Ripple‘s native token XRP with his followers. According to the famous analyst, XRP is on the verge of an 800% increase. Another notable aspect of this analysis is the analyst’s claim that the XRP price will skyrocket to $5.50 from the current levels within just 14 days.
Prominent Figure Shares Eye-Catching XRP Chart
Egrag Crypto’s notable prediction is an update to a previous forecast made in May. At that time, XRP was trading at $0.4639, and the analyst had given three price targets. According to the prominent figure, XRP will reach $1, then $5.5, and finally $6.1 in the coming period.
Only a few weeks after this analysis, significant events occurred in the Ripple ecosystem, and XRP became the only crypto asset to receive a clear status from legal regulators in the US. Subsequently, the XRP price began to rise, reaching its highest level of the year at $0.93. According to a recently shared chart, the next target is the $5.5 level. The analyst claimed that the XRP price would reach this level within a two-week timeframe and shared the following statements:
“The latest chart is indicative of the next XRP breakout. When XRP breaks this and retests the weekly Fib level of 0.236 without breaking it, it can easily reach the Fib level of 1.618, which is between $5.5 and $6.4.”
How Realistic is an 800% Increase for XRP?
The rise of the XRP price to $5.5 represents an 800% increase from the current levels by the end of the year. However, the current fundamentals indicate that the probability of the prediction coming true is very low. Additionally, a continuous flow of positive news must be considered in the ongoing process for such a possibility to materialize.
Although XRP is currently trading below its first target level of $0.85, the analyst believes that there is a high possibility of selling pressure before the rise. The analyst also clarified that the prediction is not based on the next two weeks alone but claimed that the target would be reached within that timeframe.
