Analyst Says XRP Is Bullish

The price of XRP, the native token of the Ripple payment network, looks ripe for a significant bull run, according to prominent crypto analyst EGRAG Crypto. In a recent tweet, EGRAG laid out the ultra-bullish case for the long-battered cryptocurrency to propel over the key $1.20 level.

EGRAG highlighted XRP’s sustained trading within an ascending triangle pattern over the past three months as a precursor to a major breakout. Comparable triangle breakouts have led to parabolic advances during previous cycles, greatly exceeding typically measured move price targets.

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The current triangle’s implied measured move calls for a conservative double-digit surge. However, extrapolating the magnitude of prior breakouts points to the potential for a rally towards triple digits.

Ripple (XRP) forms a bullish 3-month candle

Adding to XRP’s upside prospects is the formation of a bullish hammer candle over three-month timeframes. Hammers signal the reversal of a downtrend and often precede the start of a new uptrend. According to EGRAG, XRP hammer projections now show $1.20 as the next test for bulls.

Looking ahead, the analyst believes anyone purchasing below $0.50 will be “seen as gods in the future.” He also cautioned that buying sub-$1.00 may soon become unattainable when the next vertical ascent kicks into high gear.

Also read: Will Ripple (XRP) Hit an All-Time High This Bull Season?

It’s no secret that XRP has dramatically underperformed the broader crypto market as the SEC’s lawsuit against Ripple clouded its regulatory standing.

However, Ripple has notched a series of legal victories this past year, swinging the case further in its favor and renewing hopes for a settlement. As certainty returns to XRP’s outlook, technical alignment now signals traders may rotate back into this high-flying but controversial asset.

Of course, analysts can have conflicting outlooks, and predicting exact tops or price targets remains a tough game. Yet XRP does retain a loyal investor base in the XRP Army community. If bullish momentum builds, FOMO could quickly drive prices up.