The analyst expects the price of XRP to reach $17 with a Mega Monthly candle, then $55 after breaking the Macro channel
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Date: May 1, 2025
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One prominent market commentator sees XRP breaking through the upper limit of the three-digit range, citing historical macroeconomic data.$XRP
XRP has not performed well over the past few months after surpassing $3.3 in mid-January. The currency collapsed from its seven-year high amid bearish pressures that have flooded the broader cryptocurrency market since February. XRP fell by 29% in February and an additional 2.58% in March.$BNB
However, despite its more optimistic performance in April, it did not see any significant rise, remaining around its lows of $2. Interestingly, market analyst EGRAG believes that this consolidation will end soon, highlighting the presence of a long-term macroeconomic channel.
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XRP is monitoring a pattern of 6 candles
In his latest analysis, the market watcher noted XRP's behavior within this macro channel on the monthly chart. Notably, its historical data reveals a pattern that the asset has followed within this channel, ultimately leading to a significant price rise.
This pattern involves forming six major monthly candles above the 21 exponential moving average. To clarify, XRP witnessed this pattern in the second half of 2017, following its remarkable rise of 801% from March to May 2017. Notably, after this rise, XRP experienced a correction and subsequent consolidation that lasted for months.
XRP Macro Channel EGRAG Crypto
XRP Macro Channel | EGRAG Crypto
During this consolidation, the asset witnessed a massive red monthly candle in July 2017, dropping by 34% that month. The second candle was bullish, leading to a rise of 58% in August 2017. Meanwhile, the third candle, in September 2017, resulted in a loss of 23%.
The fourth candle saw significant rises, but it closed down 0.92%, paving the way for the fifth candle to recover, achieving a 19% increase in November. Interestingly, XRP saw a massive green candle in December 2017, rising by 746% during that month, completing the six-candle pattern.
XRP to $17 if history repeats itself
EGRAG believes that this structure has started to repeat. Notably, after an initial rise of 283% in November 2024, XRP has already seen five candles. These five candles led to a rise of 6.43% in December 2024, a rise of 46% in January 2025, a loss of 30% in February 2025, a decrease of 2.56% in March 2025, and now, a rise of 4.84% in April 2025.
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The market analyst believes that this proximity to the April candle paves the way for a massive rise during the sixth candle in May 2025. According to him, if history repeats itself, XRP will witness another 'huge monthly candle' in May 2025, with a target price of $17. This rise would represent a 672% increase from the current price of $2.2.
Another potential rise to $55
Nevertheless, EGRAG expects XRP prices to rise from now on. It is worth noting that these five candles remained within the previously defined macro channel. However, with XRP rising to $17, the chart indicates that the asset will break through the upper limit of the channel.
According to EGRAG, this breakout itself could trigger another rise. From its initial target of $17, EGRAG expects the price of XRP to rise by another 223% to reach $55. Notably, analysts like Cryptominder also predicted a potential rise in the price of XRP to the wealth zone #BinanceAlphaAlert #StablecoinPayments #BTCRebound .
