Analyst sees XRP reaching $1 to $500+, here’s the timeline

Prominent crypto analyst EGRAG believes that XRP could reach its peak for the current cycle in July 2024 or May 2025, with a rising channel with prices between $1 and over $500.

He based this analysis on The historical performance of XRP, which assesses the duration between different market cycles and uses it to reach a conclusion. Notably, the latest analysis comes at a time when XRP is facing the impact of the ongoing market collapse, which has fallen below the $0.50 zone.

After reaching a high of $0.5571 on May 21, XRP remained under downward pressure. This bearishness spilled over into the new month, with XRP now down 7.61% on the monthly time frame. Despite this turbulence, analysts like EGRAG are confident that XRP will outperform the market that happened in 2017.

XRP Previous Cycle Peaks

EGRAG’s recent market analysis rests on this premise, as the veteran analyst projects timelines for when he believes XRP could reach its peak value for this cycle. In his analysis he presents two possible scenarios, each based on the duration from the top of the previous cycle.

#XRP Time frame: July 2024 or May 2025? 🚀

🔍 Simple analysis: if #XRP follows the Blue Cycle, then July 2024 should mark the cycle top in terms of time frame (1186 days). 🗓️

🌿 Green Cycle Alternative: If it follows the Green Cycle, May 2025 will be our cycle top (1492… pic.twitter.com/s3uof2Chdl

— EGRAG CRYPTO (@egragcrypto) June 10, 2024

One of these scenarios, called the Blue Cycle, describes the time it took for XRP to reach its peak of $1.96 in the 2021 cycle. It is notable that XRP reached the cycle top of $1.96 April 2021which took 39 months, or about 1,186 days, from the previous cycle’s peak of $3.31 in January 2018.

The second scenario, called the Green Cycle, highlights the duration for XRP to reach the peak of $3.31 for the 2018 cycle. This peak occurred in January 2018 and represents a time frame of 49 months or 1,492 days from the previous cycle top of $0.0614 in December 2013.

Essentially, in the Green Cycle, XRP took 49 months from the previous cycle peak to then reach the top of the current cycle. However, in the Blue Cycle, it took XRP 39 months from the previous cycle peak to reach its peak for the current cycle. EGRAG believes that XRP would follow one of these cycles and reflect its duration from cycle top to cycle top.

Possible cycle top between $1 and $500+

Especially in the current market cycle XRP 38 months have already passed since the previous cycle peak that occurred in April 2021. If it follows the Blue Cycle, the next cycle top would occur in July this year, with a duration of 39 months. Nevertheless, if XRP follows the trajectory of the Green Cycle, it would take another 11 months to reach the top of this cycle, specifically in May 2025.

This means that XRP could register a huge price increase on these dates. While EGRAG falls short of providing specific price targets for the top, its chart provides some vague insights. In particular, data from the chart shows that XRP should remain within a multi-year upward trend channel consisting of five trend lines that serve as support and resistance.

After dropping to the current price of $0.4781, XRP has fallen below the ascending channel. A recovery blast could cause it to re-enter the marked area. Interestingly, if XRP reaches its cycle peak within the channel, the top could range from $1 to over $500 depending on the level at which it trades within the channel.