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Here is How XRP Will Surge to $27, Analyst Forecasts

Here is How XRP Will Surge to $27, Analyst Forecasts

XRP investors have been hoping for a surge that will push the price of the token to new highs. However, the coin has continued to consolidate between $0.5 and $0.6 with little or no signs of a breakout. Nevertheless, there might be some hope on the horizon as a prominent crypto analyst on X pointed out how the coin will not only cross the resistance but also skyrocket to levels not seen before, a possible $27 rally. Let us see below.

XRP Could Pump to $27

Crypto researcher EGRAG offered a positive scenario in a recent XRP forecast, speculating that the digital asset would rise as high as $27. This analysis is contingent upon the asset reaching half of the incredible growth that was shown in the 2017 bull market.

EGRAG identified critical resistance and support zones that could be crucial to the ascent of XRP by utilizing the Fibonacci Channel. Notably, the start of this rally depends on a break over the $0.75 mark, which is presently regarded as significant resistance.

Moreover, EGRAG said that XRP may have a clear road to the $27 mark, which corresponds with the 0.618 Fibonacci level, provided it can maintain a close above this threshold. Based on prior price movements that are reflected in the current market structure, this research predicts a recurrence of the previous bull run’s intensity.

XRP Short-Term Outlook Questions Possibilities

Meanwhile, there are some immediate challenges with the present market situation of XRP price that could pose issues for the long-term optimistic projection. A short-term bearish phase is indicated by the daily chart, which shows XRP trading below both the Upper Band and the 21-day moving average.

Furthermore, the Stochastic RSI indicators, which show decreases in both the K and D lines, emphasize the continued bearish momentum even more. This might point to an oversold situation, which could trigger a brief fall in the price before significant bullish tendencies take hold.

At the time of writing, XRP suffered a loss of 1.34% in its value to trade at $0.5649. Moreover, its trading volume over the last day declined by 4.53% to $1.01 billion, signifying a reduction in trading activities. This might be interpreted as a loss of confidence on the side of the investors as regards the XRP coin.