Top Analyst Says XRP is FAVOLOSO, Identifies Trigger for XRP to $27

Market expert EGRAG Crypto Identifies the necessary conditions that must play out before XRP can claim its ambitious two-digit target.

He disclosed in a recent analysis that XRP is “FAVOLOSO.” FAVOLOSO in Italian means fabolus.  Despite the current consolidation, EGRAG is reaffirming its conviction that an XRP rally to $27 remains in play. For context, XRP has maintained the same price range since Dec. 20, as uncertainty envelopes the broader market.

The accompanying chart shows XRP’s price movement above the Break of Structure (BOS). This BOS represents an important resistance level that held strong at $1.96 since April 2021. 

Condition Necessary for XRP to $27

Interestingly, XRP broke above the structure in November 2024 amid its impressive run following Donald Trump’s election victory. EGRAG suggests that the breakout above the BOS marked the start of a bullish momentum similar to what XRP experienced in 2017. 

However, the analyst pointed out that while XRP is holding above the BOS, the 21 Exponential Moving Average (EMA) is still trending below it, currently at $0.8211. EGRAG noted that for XRP to rally toward the $27 target, the EMA must rise above the BOS and meet XRP’s price above this level.

Data from the chart shows that past patterns preceded major price surges. In 2017, XRP experienced a massive rally to $3.31 shortly after breaking above its BOS. EGRAG suggests that the same structure is now unfolding. 

EGRAG has persistently maintained the XRP to the $27 target. In an August 2024 analysis, when XRP traded at $0.56, he predicted a surge to $27. He noted that if XRP replicated even half of its 2017 rally, it could reach this level.

Now, in December, XRP has followed a trajectory similar to that of the 2017 fractal. Notably, XRP’s impressive 283% monthly close in November 2024 mirrors a similar 284% monthly close in March 2017, which set the stage for the upsurge that year. Now, the 21 EMA just needs to break above the BOS.

XRP Current Position 

Meanwhile, in the short term, XRP remains in consolidation, currently changing hands at $2.255. After reaching a seven-year high of $2.9 on Dec. 3, XRP has retraced, finding support at the middle band of the Keltner Channel at $2.252. This level is important for the bulls to defend.  

If XRP holds this support, it could aim for the upper Keltner Channel band at $2.669, which serves as the next resistance. A breakout above $2.669 would confirm a renewal of bullish momentum and open the door to higher targets. 

However, a failure to hold the $2.252 support could see XRP test the $2 psychological level. Further downsides could push the price toward $1.96 support at the BOS and then to the lower Keltner Channel band at $1.83.  

Further, the Stochastic RSI indicates waning bullish momentum, with %K at 38.76 and %D at 43.24, both trending downward. This suggests a short-term bearish outlook, with bears likely to test support levels before any upward movement resumes.