Unprecedented Forecast For Ripple Price From Master Analyst!

Veteran analyst Egrag revealed that he expects a high for the Ripple price. The analyst highlights the opportunities and challenges that XRP will face on its way to its final price target of $27. Here are the details…

High Ripple price prediction from analyst

Egrag Crypto, a crypto analyst, continued to maintain the $27 price target rhetoric for XRP. The prominent charter recently compiled various previous analyzes to highlight the opportunities and challenges XRP will face on its way to its price target. The analyst attempted to identify these factors in a composite analysis he called the “Bermuda Triangle Chart.” He highlighted seven key points in XRP’s journey to reach $27 in the coming period. These points have also been addressed in previous analyses.

Egrag highlighted the seven arcs representing the seven Fibonacci price targets. These arcs were drawn around key price levels, particularly resistance points. Specifically, the first bow is set at $0.60, the third bow at $1, and the seventh bow at $27. So to reach $27, XRP will need to conquer each of these springs. The analyst also set the market clearing price of XRP at $1.90. The price at which the number of people wanting to sell XRP equals the number of people wanting to buy XRP is the market clearing price. At this price, there is no excess supply or demand for XRP and the XRP market will be in equilibrium.

“Red lake” warning for Ripple price

Also, Egrag pointed out the atlas line, a diagonal line that acts as support for XRP when the asset faces a sharp decline. He stated that XRP should definitely break above this line. This can only happen with a price increase, as observed between 2015 and 2017 and 2017 and 2022. He also highlighted the final wake-up line that he believes will lead XRP into a violent region called the “red lake”. Notably, the last wake-up line is currently located at the initial release point at $0.60. Once XRP exceeds this point, it will slide towards the “red lake”.

The red lake represents an area where bears (sellers) and bulls (buyers) will struggle to take control of XRP’s next price point. For this, it is one of the most decisive regions in XRP’s journey to $27. The second and third arcs are located in the red lake.

Whales can take action

According to the analyst, its rise above the red lake will bring XRP into an area that Egrag refers to as the “stratosphere.” This will either increase the price of XRP or prevent it from rising for several months. However, he argues that once XRP conquers the “stratosphere” region, “whales” will be influential in the market. This means that XRP will see demand from medium-sized investors (sharks) and deep-pocketed investors (whales). Specifically, there are four bows in this “fish” territory, including the $27 bow.

Ripple CEO to talk about cryptocurrencies

Meanwhile, Ripple CEO Brad Garlinghouse will be speaking at the upcoming Dubai Fintech Summit. Garlinghouse prepares to address the key challenges of cryptocurrency use and regulation. In a recent tweet, Garlinghouse stated that he will join forces with CNBC reporter Dan Murphy and chart the course of the future of cryptocurrencies. He explained that he would underline the importance of regulatory frameworks for the emerging industry. Dubai FinTech Summit will take place on May 8 and 9 at Madinat Jumeirah.