Crypto analyst Egrag Crypto has revealed the chances of the XRP price rallying to $9 in this market cycle. He alluded to performances in previous cycles to explain why he believes this $9 target is the minimum for this cycle, with the possibility that XRP could reach higher prices.
Chances Of The XRP Price Rallying to $9
In an X post, Egrag Crypto revealed a 57% chance that the XRP price will rally to $9. This came as he highlighted a descending broadening wedge, which he claimed has a 57% chance of breaking to the upside and a 43% chance of breaking to the downside. He advised those betting on an upside to consider selling XRP when the price hits the $9 range, as that is also a measured move.
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Egrag Crypto is also betting on the XRP price rallying to new highs based on the altcoin’s historic performance in past cycles. He noted that during the 2021 cycle, XRP increased by about 1,700% from its cycle low to its cycle high. Meanwhile, the altcoin has seen about a 1,160% increase so far in this cycle.
The analyst further remarked that he can’t accept the idea that the XRP price in this cycle will underperform the 2021 cycle by 540%, especially considering the existing narratives in this cycle. This likely includes narratives such as the XRP ETFs, which have drawn institutional inflows into the XRP ecosystem.
In line with this, Egrag Crypto predicts that the XRP price will mimic the 2021 cycle percentage gains, which would mean that the altcoin could rally to a top of $5.20. He revealed that he might sell a small portion at $5 to assess the market, but that he is aiming for bigger gains, especially given his projection that XRP could hit $9.
No Plans To Sell Right Now
Egrag Crypto stated that he has no plans to sell now, despite the recent XRP price crash, which has sparked speculation about a market top. The analyst said that he will hold even if it means riding out his portfolio through a bear market. He reiterated his belief that XRP will head towards a minimum of $9, with an average target of $20 and a high-end target of $27.
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Egrag Crypto also mentioned that if this is the market top, it would mean that they are being “rugged” for the second cycle. He alluded to how the Solana price rose from $8 to around $300, representing an increase of around 3,600%, while Bitcoin rose from $15,000 to $126,000, an increase of around 840%. As such, he believes the XRP price should be recording greater gains than it has so far.
At the time of writing, the XRP price is trading at around $2.40, down over 3% in the last 24 hours, according to data from CoinMarketCap.
Featured image from iStock, chart from Tradingview.com
