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 an ascending channel detailing prices between $1 and over $500.

It was based on this analysis Historical performance of XRP, assessing the duration between different market cycles and using 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 dipped below the $0.50 zone.

After hitting a high of $0.5571 on May 21, XRP continued to face downward pressure. This bearish behavior has spilled over into the new month, with XRP now down 7.61% on the monthly timeframe. Despite this turbulence, analysts like EGRAG are confident that XRP will outperform the market as it happened in 2017.

XRP previous cycle tops

EGRAG’s recent market analysis rests on this assumption, as the veteran analyst plots timelines for when he believes XRP could peak in this cycle. In his analysis, he presents two possible scenarios, each based on the duration since the top of the previous cycle.

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

🔍 Simple analysis: If #XRP followed by a blue cycle, then July 2024 should mark the peak of the cycle in terms of time frame (1186 days). 🗓️

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

— EGRAG CRYPTO (@egragcrypto) June 10, 2024

One of these scenarios, called the Blue Cycle, lists the time at which XRP reached a peak of $1.96 in the 2021 cycle. Notably, XRP reached a cycle peak of $1.96 April 2021which lasted 39 months, or about 1,186 days, from the high of $3.31 witnessed in the previous cycle in January 2018.

The second scenario, called the Green Cycle, highlights the time it will take for XRP to reach the peak of $3.31 for the 2018 cycle. This peak materialized in January 2018, representing a time frame of 49 months or 1,492 days from the previous cycle peak of $0.0614 in December 2013.

In the green cycle, XRP took 49 months from the peak of the previous cycle to peak for the current cycle. However, in the blue cycle, XRP took 39 months from the peak of the previous cycle to peak for the current cycle. EGRAG believes that XRP will follow any of these cycles and reflect their duration from cycle peak to cycle peak.

Possible top of the cycle Between $1 and $500+

Especially in the current market cycle XRP it has already spent 38 months since the previous top of the cycle, which occurred in April 2021. If it follows the Blue Cycle, the next top of the cycle would occur in July of this year, which is 39 months. However, if XRP follows the trajectory of the green cycle, it will take another 11 months to reach the peak of this cycle, namely in May 2025.

This means that XRP could see a massive price increase these days. While EGRAG won’t provide specific price targets for the peak, its chart presents some vague insights. Notably, the data from the chart shows that XRP must remain within a multi-year uptrend channel consisting of five trend lines serving as support and resistance.

After falling to the current price of $0.4781, XRP dropped below the ascending channel. A renewal push could see him re-enter marked territory. Interestingly, if XRP reaches its cycle peak while inside the channel, the peak can range from $1 to over $500 depending on the level the channel is trading at.