The XRP price action is making headlines again as a rare technical pattern known as the Guardian Arch formation points to a potential 1,000% surge. If this prediction plays out, XRP, which is currently sitting at $2.28, could soar to $27, marking one of the most explosive bull runs in crypto history.Â
Guardian Arch Fuel $27 XRP Price ExplosionÂ
On June 6, prominent crypto analyst Egrag Crypto captured the attention of the broader crypto community by identifying a distinct pattern, the Guardian Arch, on the XRP price chart. With the emergence of this key chart formation, the analyst forecasts a parabolic move that could see XRP potentially reaching between $20 and $27 this cycle.
According to Egrag Crypto’s analysis, XRP appears to be following a measured move trajectory that historically results in a significant upward price surge. The Guardian Arch formation, highlighted by the yellow line on the XRP chart, is seen as a critical threshold that, once breached, could mark the altcoin’s entry into a sustained double-digit territory.Â
Notably, Egrag Crypto forecasts that the measured move points to an initial conservative target of $20 for XRP. However, with the bullish momentum from the Guardian Arch formation, the analyst believes that the XRP price could skyrocket even higher, potentially surging by 1,000% to reach historical all-time highs of $27.Â
In response to Egrag Crypto’s $27 price forecast for XRP, a community member questioned what level of market dominance would support this bullish thesis. The analyst replied that XRP’s dominance will need to climb to around 15%, indicating that it must capture a significantly larger portion of the total cryptocurrency market cap.Â
This is a rather ambitious scenario, considering XRP’s current dominance typically hovers between 2% and 4%. Moreover, achieving a 15% market dominance would require a substantial inflow of capital into the cryptocurrency and a major shift in market dynamics favoring the asset.Â
Post-Peak Caution And Bear Market Forecast
While the XRP price outlook, based on Egrag Crypto’s analysis, looks extremely bullish in the short to mid-term, the analyst also issues a sobering warning about the possibility of a harsh reversal. Drawing parallels with the 2021 market cycle, where XRP experienced a steep decline following its peak, the analysis outlines a potential 86% drop that could follow the projected market top of around $27.Â
In this bearish scenario, Egrag Crypto predicts that XRP could fall back to a price level near $3, which he considers a possible bear market bottom. The analyst has also indicated that the Guardian Arch formation on the XRP price chart may have a dual-purpose framework. This chart pattern encapsulates the potential for a massive upward move while simultaneously functioning as a gateway into a post-peak downtrend.Â
Notably, Egrag Crypto has emphasized the importance of strategic planning in trading, advising traders to avoid depending on a single exit point for profit taking. Instead, he recommends setting rational, tiered profit targets as the market unfolds while planning and following a clear and flexible exit strategy.Â
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
The XRP price action is making headlines again as a rare technical pattern known as the Guardian Arch formation points to a potential 1,000% surge. If this prediction plays out, XRP, which is currently sitting at $2.28, could soar to $27, marking one of the most explosive bull runs in crypto history.Â
Guardian Arch Fuel $27 XRP Price ExplosionÂ
On June 6, prominent crypto analyst Egrag Crypto captured the attention of the broader crypto community by identifying a distinct pattern, the Guardian Arch, on the XRP price chart. With the emergence of this key chart formation, the analyst forecasts a parabolic move that could see XRP potentially reaching between $20 and $27 this cycle.
According to Egrag Crypto’s analysis, XRP appears to be following a measured move trajectory that historically results in a significant upward price surge. The Guardian Arch formation, highlighted by the yellow line on the XRP chart, is seen as a critical threshold that, once breached, could mark the altcoin’s entry into a sustained double-digit territory.Â
Notably, Egrag Crypto forecasts that the measured move points to an initial conservative target of $20 for XRP. However, with the bullish momentum from the Guardian Arch formation, the analyst believes that the XRP price could skyrocket even higher, potentially surging by 1,000% to reach historical all-time highs of $27.Â
In response to Egrag Crypto’s $27 price forecast for XRP, a community member questioned what level of market dominance would support this bullish thesis. The analyst replied that XRP’s dominance will need to climb to around 15%, indicating that it must capture a significantly larger portion of the total cryptocurrency market cap.Â
This is a rather ambitious scenario, considering XRP’s current dominance typically hovers between 2% and 4%. Moreover, achieving a 15% market dominance would require a substantial inflow of capital into the cryptocurrency and a major shift in market dynamics favoring the asset.Â
Post-Peak Caution And Bear Market Forecast
While the XRP price outlook, based on Egrag Crypto’s analysis, looks extremely bullish in the short to mid-term, the analyst also issues a sobering warning about the possibility of a harsh reversal. Drawing parallels with the 2021 market cycle, where XRP experienced a steep decline following its peak, the analysis outlines a potential 86% drop that could follow the projected market top of around $27.Â
In this bearish scenario, Egrag Crypto predicts that XRP could fall back to a price level near $3, which he considers a possible bear market bottom. The analyst has also indicated that the Guardian Arch formation on the XRP price chart may have a dual-purpose framework. This chart pattern encapsulates the potential for a massive upward move while simultaneously functioning as a gateway into a post-peak downtrend.Â
Notably, Egrag Crypto has emphasized the importance of strategic planning in trading, advising traders to avoid depending on a single exit point for profit taking. Instead, he recommends setting rational, tiered profit targets as the market unfolds while planning and following a clear and flexible exit strategy.Â
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
