The price of XRP, the native token of the Ripple payment network, looks ripe for a significant bull run, according to prominent crypto analyst EGRAG Crypto. In a recent tweet, EGRAG laid out the ultra-bullish case for the long-battered cryptocurrency to propel over the key $1.20 level.
EGRAG highlighted XRP’s sustained trading within an ascending triangle pattern over the past three months as a precursor to a major breakout. Comparable triangle breakouts have led to parabolic advances during previous cycles, greatly exceeding typically measured move price targets.
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The current triangle’s implied measured move calls for a conservative double-digit surge. However, extrapolating the magnitude of prior breakouts points to the potential for a rally towards triple digits.
Ripple (XRP) forms a bullish 3-month candle
Adding to XRP’s upside prospects is the formation of a bullish hammer candle over three-month timeframes. Hammers signal the reversal of a downtrend and often precede the start of a new uptrend. According to EGRAG, XRP hammer projections now show $1.20 as the next test for bulls.
Looking ahead, the analyst believes anyone purchasing below $0.50 will be “seen as gods in the future.” He also cautioned that buying sub-$1.00 may soon become unattainable when the next vertical ascent kicks into high gear.
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It’s no secret that XRP has dramatically underperformed the broader crypto market as the SEC’s lawsuit against Ripple clouded its regulatory standing.
However, Ripple has notched a series of legal victories this past year, swinging the case further in its favor and renewing hopes for a settlement. As certainty returns to XRP’s outlook, technical alignment now signals traders may rotate back into this high-flying but controversial asset.
Of course, analysts can have conflicting outlooks, and predicting exact tops or price targets remains a tough game. Yet XRP does retain a loyal investor base in the XRP Army community. If bullish momentum builds, FOMO could quickly drive prices up.