XRP suffered a sharp drop over the weekend as the wider crypto market recoiled amid concerns of a full-blown war following the US bombing of Iran. Notably, the coin’s price dropped as low as $1.95 on Sunday before recovering slightly above $2.
Nevertheless, amid this fragile macro environment, analyst Egrag Crypto believes XRP is still poised for an explosive upward move that could catapult the asset as high as $27 if a key technical breakout unfolds in July.
In a Sunday post on X, the analyst framed XRP’s current market structure as part of a larger bullish formation.
“XRP – Kangaroo + Gaussian Channel + EMA = Valhalla,” he wrote, asserting that the token remains above the critical threshold of the Gaussian Channel on the weekly timeframe.
Notably, he pegged the channel’s upper limit at $1.75 and warned that falling below it could be like sinking into “quicksand” or a slip that risks ending the current bullish cycle altogether.
Despite this risk, he’s confident that XRP has one more “epic” leg up. He pointed to the 21-week EMA as a key line in the sand, noting that while brief deviations below it may signal macro consolidation, a full-bodied close above it, particularly above the $2.33 resistance, would strongly confirm renewed bullish momentum.
“Closing full-body candles above the 21 EMA is an extreme bullish sign,” he stated.
He added that a decisive breakout above $2.65 would mark a “GO/GO” moment for XRP’s long-term trajectory.
Egrag also revisited his broader thesis, based on XRP’s breakout from a symmetrical triangle pattern, the same kind that preceded its historic rally in 2017. That previous breakout saw XRP climb from $0.23 to $3.84, a 1,560% move. By comparison, the recent breakout in November 2024 has so far yielded a modest 485% gain, suggesting that the full potential of the pattern is yet to play out.
That said, according to Egrag, if XRP maintains key support levels through June and confirms the bullish breakout in July, it could trigger what he calls the “Valhalla rally,” a meteoric rise to $27. It’s not the first time he’s mentioned this target, but this time, he ties it to Fibonacci extensions, wave theory, and long-term structural analysis.
Adding to the bullish sentiment, fellow analyst Dark Defender echoed Egrag’s confidence.
“Nothing has changed on the XRP side,” he wrote, pointing out how the $1.88 support held firm during the recent dip. He noted that XRP still maintains its Monthly Wave 5 structure, part of a broader Elliott Wave count forecasting a push toward a new high.
Dark Defender also cited a bounce at $2.07 as confirmation of market resilience and reiterated that a surge above $3.50 remains likely if Wave 5 unfolds as expected. His analysis leans heavily on Fibonacci retracement levels.
At press time, XRP was trading at $2.0,1, reflecting a 1.93% drop in the past 24 hours.