Renowned crypto analyst – @egragcrypto believes that the native token of Ripple – XRP, is on the verge of an 800% rally.
He claims that XRP will skyrocket from current levels to $5.50 in just 14 days.
Ripple is Preparing For a New Rally
@egragcrypto’s prediction is an addition to a previous prediction made in May. At the time, XRP was trading at $0.4639, and the analyst gave three price targets: $0.85 to $1, $5.5, and $6.1 in the coming months.
Read more: How To Buy XRP and Everything You Need To Know
A few weeks after this, important events occurred in the Ripple ecosystem, and XRP became the only crypto asset to receive clear status from regulators in the United States. As a result, the token began to increase in price, updating the yearly highs at $0.93 and fulfilling the first target of @egragcrypto.
The chart shows that the next target is around $5.5. The analyst claims that XRP will reach this mark in a two-week timeframe. He explained:
“The ‘Final Wake Up Line’ is gauging the next #XRP breakout. Once #XRP breaks it and retest it without breaking Fib 0.236 (0.45c) on the Weekly Time frame then I can say with high degree of certainty that Fib 1.618 ($5.5 – $6.4) is within reach.”
How Realistic Does This XRP Prediction Look?
A rise to $5.5 would represent an 800% increase in price from current levels by the end of the year. However, current fundamentals indicate that the forecast is unlikely to come true.
Although XRP is currently trading below the first target level of $0.85, @egragcrypto believes that there are high chances of an epic crash before the rise. The analyst also clarified that the forecast was not based on the next two weeks: according to him, “the rally will be completed in just two weeks.”
Read more: How to Short Bitcoin: A Step-by-Step Guide
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