Analyst Says XRP Path To $100 Is Not Straightforward, These Things Will Happen First | Bitcoinist.com

XRP’s $100 price target is one of the most recurrent projections in the crypto market, but EGRAG CRYPTO’s macro analysis is not built around instant gratification. 

The analyst is instead looking at the stages that may come before any move into triple digits, arguing that the altcoin still has to pass through a difficult sequence of corrections and lower target zones before the larger price target. Technical analysis of the 2-month candlestick chart places XRP inside a long-term compression structure, with the current price still 530% below the first major target zone of $9.

The Macro Chart Most Traders Are Misreading

Many enthusiasts are projecting a straightforward XRP repricing that sees the cryptocurrency trading above double and triple digits. However, according to popular analyst EGRAG CRYPTO, most traders still don’t understand a few things about XRP macro charts. 

EGRAG CRYPTO’s chart is built around XRP’s 2-month timeframe, which gives a much broader view of the asset’s price structure than the daily or weekly chart. The setup shows the token pressing inside a large ascending triangle-like formation, with price action still sitting far below the upper projected targets. 

The analyst’s main argument is that traders may be giving too much importance to the 7-week moving average and the 11 EMA cross, even though these indicators are lagging in nature.

According to the analyst, price leads and indicators follow. That means moving average crosses should not be treated as a standalone confirmation that XRP is already entering a parabolic phase. The weekly chart shared by the analyst shows the altcoin currently trading around the lower end of the larger macro structure, close to the area where the 7W MA and 11 EMA are moving close together.

The chart’s most important visual feature is the broad white triangular pattern that has contained XRP’s macro movement since 2017. The analyst projected a possible “E” phase, implying that the price may still undergo more uncomfortable crashes before the next breakout rally.

A $100 Move Across Multiple Cycles

The $100 price target circulating in the XRP community is not a myth EGRAG CRYPTO dismisses outright, but the analyst’s timeline and roadmap are different from popular expectations. The first clarification is that $100 is not the full measured move from the current triangle pattern, and it is not a target for the present cycle.

The more immediate focus is on a green box in the chart above, which encompasses Fibonacci target zones sitting between $9 and $17. The first price target is around the 1.618 Fib extension at $9.51, followed by the 2.0 Fib extension around $17.23, and then the 2.272 extension around $26.30. These, according to the analysis, are more realistic XRP price targets to keep an eye on first.

XRP may need to first reclaim the macrostructure, clear the green-box zone, and then move into the extended Fib region above $26 before the structure can even begin to price in a future path to $100. Furthermore, these parabolic expansions are expected to come alongside painful retracements and emotional shakeouts, not through a straightforward path.

Featured image from Freepik, chart from Tradingview.com

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