XRP Mega Candle On The Horizon? Analyst Reiterates $27 Target

XRP bulls are licking their chops as a prominent analyst doubles down on a $27 price target—despite the token’s recent underperformance. Could this be the breakout moment, or just another hopium-fueled prediction in a market that thrives on them?

The call hinges on a potential ’mega candle’ formation—a technical pattern signaling explosive upside. But let’s be real: crypto analysts have a knack for painting rosy scenarios while ignoring the regulatory guillotine hanging over XRP’s neck.

Still, with Ripple’s legal battles fading, some traders are betting the house on a parabolic move. Just remember: past performance in crypto is about as reliable as a Wall Street banker’s moral compass.

XRP Price Still On Track For Mega Candle

Crypto analyst Egrag Crypto has been very vocal on X (formerly Twitter) about the bullishness of XRP. The analyst has become known for calling the XRP price increase for months before the impressive 2024 rally. Even as that rally has cooled off and the altcoin is now struggling at support, the crypto analyst has not deviated. Rather, he continues to call out that the cryptocurrency is still quite bullish, which he expects to hit double-digits at some point.

In a recent post, the crypto analyst explained that the XRP price is still on track to move upward. In what he calls the ‘blue ocean’, Egrag Crypto points out that investors are now “swimming with sharks”. In this case, XRP is being gobbled up at a rapid pace, which could set it on a path to see rapid recoveries.

With the positive sentiment rising, the crypto analyst sees the XRP price exploding soon. He explains that a mega green candle is on the way, and this could drive the price finally above double-digits. In this blue ocean, Egrag Crypto sets three price targets. The first is $9.5, and then moving further into $17. Last but not least is the $27 target, something that the crypto analyst has continuously predicted for over a year now.

Currently, the XRP price is still trading just above the $2 support, so this means that it has a long way to go before it hits the analyst’s targets. The expectation of XRP ETFs being launched has also been put forward by many in the community as a potential factor that could trigger a rise in the XRP price.

Previously, there had been rumors that the ProShares XRP ETFs would launch on April 30. However, Bloomberg’s ETF expert James Seyffart has said that there are no plans to launch on this date, and there is no specified date yet. Nevertheless, the fund is expected to launch its XRP ETFs in the short to medium term, and this is expected to be a catalyst for an XRP price increase.