Despite the ongoing crypto market turmoil that has sent Ripple XRP down in recent weeks, one analyst is standing by his ultra-bullish forecast that the token could surge to $2.80 after bottoming out.
EGRAG, a pseudonymous chartist known for his extensive technical analysis of crypto assets, published an update this week affirming his call for a massive XRP rally. He expects the token to explode by over 500% to hit initial targets around $2.80.
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Ripple’s Support Trendline Holds Despite Tests
The chart highlighted a support trendline Ripple XRP has repeatedly bounced off of during corrections going back years. Each test of support has represented higher lows as bulls buy up the dips.
In late December, EGRAG forecasted one more drop to retest support before an extended XRP surge. That has since played out this month, with the token bottoming under $0.50 amid broad crypto selling pressure.
The latest dip makes it four times that XRP has bounced off the trendline since 2020. EGRAG points to a similar four-touch pattern from June 2014 to December 2017 that preceded an epic rally in 2018.
XRP eventually peaked at all-time highs around $3.30 at the start of that year. EGRAG believes even higher levels are in store this cycle after the token bottoms and leaves the trendline support behind for good.
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Will XRP hit $2.8?
Though upside targets are hard to pin down in the volatile crypto space, EGRAG is looking for an initial 500% XRP surge to the $2.80 area off current levels around $0.56.
However, the analyst says that would only mark the start of a much more significant rally. Further out, he expects XRP to challenge and exceed its former peak above $3.30.
Yet EGRAG is playing the long game with his ultra-bullish XRP outlook. Once selling pressure finally relents, he believes holders will be rewarded for their patience with substantial upside. For now, it remains a waiting game while broader market factors dictate short-term price action.