Analyst bullish forecast: XRP may break the historical closing record, aiming for $27!

Optimism is returning to the cryptocurrency market, especially for Ripple (XRP). Renowned market analyst Egragcrypto has released the latest perspective, suggesting that XRP is approaching the completion of a historic technical pattern, which could open a long-term upward channel towards $27. If the prediction holds true, XRP will not only refresh its closing record but is also expected to leap to become the third largest crypto asset by market capitalization.

Historic candle close is imminent

(Source: Trading View)

Egragcrypto pointed out on X (formerly Twitter) that XRP bulls are preparing for “the most significant breakout of the year.” He is particularly focused on the long wick candle pattern - a type of candle with a long body and very short or no wicks, which is typically seen as a strong bullish or bearish signal.

According to his observations, XRP is expected to close above $2 for the first time in a 2-month timeframe within the next 6 days. This will set a new all-time closing price for XRP and could serve as a catalyst for the next round of upward movement.

Fibonacci long-term targets: 8 USD, 13 USD, 27 USD

Since the launch of XRP in August 2013, Egragcrypto has been using Fibonacci retracement and extension levels to set long-term target price levels.

His three main long-term goals are:

Fib 1.272: 8 USD

Fib 1.414: 13 USD

Fib 1.618: 27 USD

Analysts believe that these target prices have never changed since the birth of XRP and have reference value in every market cycle.

Current Market Conditions and Short-term Trends

As of the time of writing, XRP is priced at 2.95 USD, down about 1.80% over the past 7 days.

Despite short-term price pressure, technical signals indicate that if it can break through and stabilize above a closing price of 2 dollars, it will lay the foundation for further challenges to 4 dollars or even higher levels.

Egragcrypto pointed out that if this breakout is successful, XRP may re-test the previous key support level and open up an upward channel towards the long-term target.

Potential Impact and Market Positioning

If XRP can reach the ultimate target price of 27 dollars, its market capitalization is expected to surpass the current third place, accelerating its rise in the global crypto market rankings.

This is not only a significant positive for long-term holders, but it may also attract more institutional funds to enter the market, driving an increase in both liquidity and trading volume.

Conclusion

XRP is at a potential historical turning point. If Egragcrypto’s prediction comes true, a historic close above $2 could spark a new bull market, potentially leading the price to hit $27. For investors, the next few days may be a crucial moment to observe the technical aspects of XRP and market sentiment.