XRP Channel Map Points to $200 Ultimate Target

The XRP channel map may be pointing to an ambitious three-digit price target in a “black swan tail up” scenario.

XRP has faced bearish pressure alongside the rest of the crypto market, but market data suggests the crypto asset is still on track for greater price heights. Specifically, the XRP channel map, a multi-year channel that has dictated XRP’s price action, points to an ultimate target of $200 should a full-blown bull market emerge.

This channel map emerged in 2014 and has consistently guided XRP’s price action over the past 12 years, with the path now potentially leading to a $200 price. Notably, this target comes from an analysis of historical structure around the channel map, especially XRP’s price action during the 2017 rally.

Key Points

• The XRP channel map, a multi-year channel that has dictated XRP’s price action since it emerged in 2014, points to a potential push to $200.
• This target comes from an observation of XRP’s price movement within this channel, especially its price action during the 2017 bullish run.
• After XRP recovers from the current bearish phase, market data first points to three targets of $4.5, $10, and $27 before the ultimate $200 mark.
• While this $200 price represents a 677% rise from the channel’s top at $27, it would mark a 10,538% increase from current price levels of around $1.88.

XRP Still on Track for Bullish Push

The analysis pointing to this target came from watcher EGRAG Crypto, whose recent commentary suggests that XRP may still be on track for outsized gains despite recent struggles. For context, since pulling back from $2.41 on Jan. 6, XRP has struggled alongside the rest of the crypto market, down 22% from the yearly peak. 

Despite this downtrend, data from EGRAG’s chart shows that XRP remains in a respectable position within the multi-year ascending channel on the monthly timeframe. With XRP currently trading for $1.88, it has respected the immediate diagonal support, looking to breach the resistance for an upward push. A favorable push from here could lead to greater prices.

XRP Historical Data Gives Clues

To determine how far XRP could go from the current position, EGRAG called attention to historical data. Specifically, XRP traded within a similar position inside this channel in 2017, albeit considerably lower. From that position, XRP soared past four resistance trendlines overhead and eventually hit the top of the channel at $0.3389 by May 2017.

After a pullback and consolidation from this peak, XRP witnessed a second bullish run, which took prices to a new high of $3.31 by January 2018, way above the channel’s top. EGRAG pointed out that the rally saw XRP jump by more than 677% above the top in what he calls an extended move.

Extended Move Now Eyes $200

EGRAG’s $200 target hinges on XRP repeating this explosive run. According to him, the current position aligns with the 2017 geometry. 

Notably, from the current position, he expects XRP to breach two resistance trendlines overhead, which sit at $4.5 and $10, respectively. EGRAG calls the $4.5 mark the “high conviction structural,” giving it an 80-90% probability of playing out. Meanwhile, he tags the $10 level “expansion dependent,” with a 60-75% chance.

After crushing these roadblocks, XRP would reach the channel’s top, which now sits at $27. The analyst calls this the “cycle peak scenario.” According to him, there is a 50-55% probability of XRP reaching this target. EGRAG then sets the full macro extension target at $200, which would represent a 677% rise from the channel’s top. He dubs this the “black swan tail up scenario.”

With XRP currently trading for $1.88, a rally to $200 would represent a 10,538% rise, which is highly improbable with current market conditions. With XRP giving the $200 target a mere 20-35% chance, it’s more likely not to play out. Even the lower targets remain highly speculative. As a result, investors should not take this as investment advice.