One analyst says that if XRP closes November above the Fibonacci 0.5 level, it will be the first time it has closed the month in an upward trend and will signal future gains.
Conversely, if it closes below this level, XRP could drift into the yellow triangle trajectory that could see it continue to dip as we approach the end of the year.
XRP has been one of the top cryptos with the best runs this year and as we approach its end, analysts have been making their predictions for where we go from here. One of the boldest is from Egrag, an analyst who believes that XRP is heading towards $27, but it has to meet one important condition by the end of this month first, he says.
Egrag took to Twitter to give his prediction for XRP, and he believes that “this upcoming monthly close holds immense significance!”
Egrag’s prediction hinges on the Fibonacci levels. Named after the famed Italian mathematician, Fibonacci retracement levels are lines on a chart that indicate where the support or resistance for any tradeable asset is.
According to the analyst, if XRP closes November above Fib 0.50, or specifically above $0.6, “it’ll mark the first monthly candle closure in an upward trend. Previous closures were in a downward trend, recalling the Dec 2017 Candle’s top blowoff and April 2021’s bull run candle.”
Is $27 Realistic for XRP?
Should XRP close the month above $0.6, it will continue to rise in December and into the future, Egrag believes. He sets the target in the long term at $27. This would be an incredible 4,300% rise from its current price and would take the market cap to $1.437 trillion. For context, only five companies globally would be bigger. XRP’s market cap would be higher than Facebook, Tesla, NVIDIA and Berkshire Hathaway.
The highest height XRP has ever scaled is $3.84 in January 2018 as it missed out on the 2021 gains when BTC hit $68,672 as Ripple was facing an SEC lawsuit that led to XRP’s price collapse.
Egrag believes that despite XRP never hitting these heights, $27 is an achievable target and that the community should keep HODLing as the best is yet to come.
“XRP Army STAY STEADY! $27 will form the sturdy bedrock for future prices. As [Raoul Pal] says: “Better not to fuck up this generational trade.”
However, should XRP close below $0.6, “coupled with a bearish candle formation, brace for XRP‘s potential drift into the yellow Triangle territory.”
The yellow triangle territory is a bearish zone which could precede a potential dip for XRP. While he has referred to this yellow triangle territory in his past analysis, Egrag has dismissed the danger by claiming that XRP’s support at $0.5 will prove robust.
At press time, XRP trades at $0.6237 after gaining a paltry 1.13% in the past day. It’s still 4.3% down in the past week as the wider market lost its momentum. However, it has still made major gains in the past year as it traded at $0.36 a year ago.
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