- Analyst Egrag projects XRP could reach $13 with the crucial $1.10 barrier cleared.
- XRP recently surged past $1, marking its highest level over three years.
- Despite a pullback, Egrag believes the $1.10 level signals the start of a strong bullish trend for XRP.
Analyst Egrag says the $13 price point is a promising target for XRP, especially after the cryptocurrency broke through the crucial $1.10 barrier. It’s worth noting that XRP moved past the $1 mark two weeks ago after trading below it for over three years.
At the time XRP was trading below $1, specifically on November 5, Egrag shared an analysis highlighting that reaching the $1.10 region would act as a catalyst for a more explosive price rally. Based on a logarithmic measured move, he projected a price surge to as high as $13, while a non-logarithmic measured move suggested a target of $6.40.
Egrag stated that the $1.10 level would be the launchpad in both scenarios. Just days after his forecast, XRP regained the $1 price point. What’s more, XRP made a bold move toward the $2 range, trading as high as $1.63 last Saturday.
XRP $1.10 Ignition Stage Starts
The analyst is now even more confident in his price forecast for XRP, as he believes the $1.10 ignition stage has been activated. Egrag acknowledged the ongoing pullback in XRP’s bull run in his updated commentary. Notably, XRP dropped to $1.29 after the recent peak of $1.63. However, XRP is rebounding swiftly, currently trading at $1.43.
To Egrag, this pullback is strengthening XRP’s long-term momentum. He believes it is a key phase for the crypto market, as it could signal the end of XRP’s time around $1, clearing the way for higher price ranges soon.
XRP to Rally 830% to $13
With XRP trading at $1.43, reaching $13 would require a substantial growth of approximately 830%. Notably, this bold outlook is based on logarithmic scaling, which accounts for percentage-based changes and, as Egrag noted, provides a more accurate analysis.
On the other hand, non-logarithmic scaling uses linear measurements, which he says may be less reliable for predicting big price movements. This method predicts a target of $6.40 for XRP, meaning that holders could see a 357% return on their investments with this more conservative approach.
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