A notable market commentator sees XRP breaking into the higher end of the three-digit territory, citing historical macro data.
XRP has not fared well over the past few months after surpassing $3.3 in mid-January. The asset collapsed from this seven-year peak amid the bearish pressure that engulfed the broader crypto market from February. XRP dropped 29% in February and an additional 2.58% in March.
However, while its April performance has been more encouraging, it has failed to observe any substantial uptick, consistently ranging around the $2 lows. Interestingly, market analyst EGRAG believes this consolidation will soon end, highlighting a long-term macro channel.
XRP Observes 6-Candle Pattern
In his latest analysis, the market watcher noticed XRP’s behavior within this macro channel on the monthly chart. Notably, its historical data reveals a pattern the asset has followed within this channel, ultimately leading to an impressive price run.
This pattern involves the formation of six key monthly candles above the 21 EMA. For context, XRP witnessed this pattern in the second half of 2017 following its impressive 801% spike from March to May 2017. Notably, after this run, XRP observed a correction and subsequent consolidation that lasted for months.
XRP Macro Channel | EGRAG Crypto
During this consolidation, the asset saw a massive red monthly candle in July 2017 as it dropped 34% that month. The second candle was a bullish one, leading to a 58% gain in August 2017. Meanwhile, the third candle, in September 2017, resulted in a 23% loss.
The fourth candle saw large upswings but closed with a 0.92% loss, and the fifth one set the stage for the recovery push, with a 19% gain in November. Interestingly, XRP then witnessed a massive green candle in December 2017, spiking by an impressive 746% within that month as it completed the six-candle pattern.
XRP to $17 if History Repeats
EGRAG believes this structure is playing out again. Notably, after the initial 283% rise in November 2024, XRP has already witnessed five candles. These five candles led to a 6.43% gain in December 2024, a 46% increase in January 2025, a 30% loss in February 2025, a 2.56% drop in March 2025, and now, a 4.84% rise in April 2025.
The market analyst believes this close to the April candle sets the stage for a massive run during the sixth candle in May 2025. According to him, if history repeats, XRP will see another “mega monthly candle” in May 2025, with a price target of $17. Such a rally would mark a 672% increase from the current price of $2.2.
Another Potential Surge to $55
However, EGRAG expects XRP to see higher prices from here. It bears mentioning that these five candles have remained within the earlier identified macro channel. Nonetheless, with XRP’s surge to $17, the chart shows that the asset would breach the upper boundary of the channel.
According to EGRAG, this breach in itself could trigger another upside move. From the initial $17 target, EGRAG sees XRP soaring by another 223% to $55. Notably, analysts such as Cryptominder have also projected a possible XRP rally to the $50 region.
