EGRAG CRYPTO, a cryptocurrency trader and analyst, predicted in an X post yesterday that a “mega bounce” for XRP is “inevitable”. Should this bullish outlook become a reality, he revealed that his upside target for the remittance token is at $27, which was also the same level as a Fib 1.618 retracement level.

#XRP Mega Bounce Is Inevitable – Fib 1.618 ($27):

In the previous #Bullrun, #BTC skyrocketed by 23X and #ETH went up a whopping 58X! 📈📈

However, the #XRP journey hit a roadblock when it was slapped with a lawsuit, putting a pause on the #BullRun. 🛑😞

However, when #XRP…

— EGRAG CRYPTO (@egragcrypto) October 26, 2023

According to the post, XRP was not able to reach its full potential in the previous bull run as a result of Ripple’s lawsuit with the U.S. Securities and Exchange Commission (SEC). Therefore, EGRAG CRYPTO believes XRP will most likely enter into an exponential move, fueled by this built up potential, in the next bull cycle.

A pump to $27 would amount to a 4,000% move for XRP from its current price. The analyst added that this move also aligns perfectly with the Fib 1.618 retracement level between the peak the remittance token established in 2017 and its 2020 bottom.

Meanwhile, at press time, CoinMarketCap indicated that XRP was trading hands at $0.5507. This was after the altcoin saw its price slip 0.46% over the past 24 hours of trading. Despite this, XRP’s weekly performance remained firmly in the green zone at +7.30%.

Daily chart for XRP/USDT (Source: TradingView)

XRP was rejected by the $0.5670 barrier over the past few days. This was after it was able to briefly break above the resistance level to reach a high of $0.5866 on Tuesday. Since hitting this peak, the altcoin’s price entered into a multi-day negative sequence.

This also caused the daily RSI line to change its slope from positive to negative, which suggests that buyers’ strength was beginning to dwindle. Furthermore, the daily RSI line was closing in on the daily RSI SMA line at press time. If these two lines cross, it could signal a change in tides for XRP traders which will give sellers the upper hand.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

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