Notable market analyst EGRAG suggests that XRP could skyrocket to a price range of $50 to $200 amid its next triangle consolidation. His analysis follows a recent downward trend for XRP, which has led to concerns and sustained bearish sentiments among market participants. Currently, XRP trades below the crucial $0.50 psychological level, which had served as support for several months during the market downturn.

Recent Market Activity

XRP briefly retook the $0.50 mark overnight following an unexpected price surge. However, renewed bearish pressure invalidated this momentum, pushing Bitcoin (BTC) below $65,000 for the first time in nearly a month. Consequently, the global crypto market cap dropped 2.3% over the last 24 hours. Despite this, XRP is the only asset among the top 20 to witness a price increase over the last 24 hours, with a modest gain of 0.6%.

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Amid current market conditions, EGRAG remains optimistic about XRP’s future performance, citing data from a 2-month chart. He uses historical context to support his bullish projections. Notably, XRP is currently trading within a symmetrical triangle, formed during the 2018 cycle after XRP reached its all-time high of $3.31 in January 2018. Despite several declines and surges, XRP has not breached the upper or lower boundaries of this triangle.

EGRAG refers to this formation as the “triangle consolidation,” noting it as the second such pattern in XRP’s history. Before forming this second triangle, XRP surged 914% in mid-2017. After entering the triangle, it continued to experience intermittent yet significant upswings, including a 4,587% rise to its $3.31 ATH.

Predicted Gains And Future Outlook

EGRAG now expects XRP to move into a third triangle consolidation, predicting this upcoming triangle will lead to greater price heights. For example, he anticipates a 914% spike for XRP to reach this triangle position, similar to the mid-2017 surge. Once inside this new consolidation, EGRAG forecasts gains reminiscent of the 2017/2018 cycle. 

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Specifically, he believes XRP will first reach $50 and then surge to $200. He predicts that during this period, newcomers will discuss XRP’s stagnation at $50 and later its dramatic spike from $50 to $200. At press time, XRP trades at $0.4937, striving to reclaim the $0.50 level amid broader market turbulence. 

A rise to $200 from this level would necessitate a 40,410% increase. Besides EGRAG, analyst Javon Marks has consistently predicted XRP to reach $200, underscoring the optimism surrounding XRP’s potential growth.