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Crypto analyst EGRAG CRYPTO has outlined a compelling technical case, drawing parallels to XRP’s historic 2017 price action, where the asset saw a massive 2,500% surge within a similar timeframe.

EGRAG CRYPTO recently shared a technical analysis indicating that XRP may be following a price pattern remarkably similar to the one it formed in 2017. He points to a key support level above the 21-week Exponential Moving Average (EMA) and a channel formation that could lead to a rapid breakout.

EGRAG CRYPTO’s analysis suggests XRP is mirroring its 2017 pattern, potentially surging to $33 in 28 days. Source: EGRAG CRYPTO via X

“We’re seeing similar XRP price action today, with the 21 EMA closing above and only a minor wick,” the analyst noted. If this pattern holds, XRP could target the Fibonacci 1.618 extension level, placing its price potential between $27 and $33.

In 2017, XRP surged 2,500% in 175 days, and with similar price action today, it could reach $27-$33 if the pattern repeats. Source: EGRAG CRYPTO via X

While EGRAG acknowledges the difficulty of timing the market, he remains optimistic that past cycles offer valuable insights. “Even though I know it might backfire, I still give it a shot,” he remarked, reinforcing his belief in historical price behavior as a useful indicator for future movements.

Before reaching the ambitious $33 mark, XRP must first clear several critical resistance levels. The first major level to consider is the Fibonacci 1.272 level of $8.38, and then the Fib 1.414 level of $13.67. In the short term, XRP is currently ranging at the Fibonacci 0.888 retracement level of $2.23, and major support levels are at $1.78 and $1.57.

The XRP price holding above the $2 support level has ignited bullish speculation among investors and market analysts. Source: ProfittoPath on TradingView

Traders are closely watching the $2.00 level, which is a psychological support price. Staying above this price may be the foundation for additional upside while breaking support might send the price down to $1.50.

Despite recent volatility, there are signs of strong investor belief in XRP. Whale accumulation is on the rise, with huge wallets containing between 100 million and 1 billion XRP having added another 2 billion tokens over the last week.

This aggressive withdrawal has come along with a rush of exchange withdrawals, with 99 million XRP withdrawn at $2.30—a 94.12% increase from the previous day. Such activity suggests that investors are moving XRP off exchanges for long-term holding, often seen as a bullish signal.

Options market data also shows heightened interest in XRP’s price potential. Despite the recent price decline from its $3.40 peak in January, the $5 call option remains the most popular bet on Deribit, with a notional open interest of $3.84 million.

However, analysts caution that many of these positions are likely covered calls rather than outright bullish bets. According to Lin Chen, Deribit’s Asia Business Development Head, “Most of these are covered calls,” meaning traders are selling higher strike calls while holding XRP, allowing them to generate yield while managing risk.

XRP’s ability to maintain its current levels will be crucial in determining whether the projected breakout occurs. While the token has demonstrated resilience, technical indicators remain mixed. The Moving Average Convergence Divergence (MACD) has turned negative, signaling potential short-term weakness, and active addresses on the XRP Ledger have dropped by 50%, suggesting a decline in network activity.

Ripple (XRP) was trading at around $2.43, up 5.01% in the last 24 hours at press time. Source: XRP Liquid Index (XRPLX) via Brave New Coin

However, should whale accumulation continue and sentiment shift, XRP could see renewed buying pressure that propels it toward higher price targets. A decisive break above the $2.50-$3.00 range could set the stage for a much larger move in line with EGRAG CRYPTO’s projections.

XRP appears to be at a critical juncture, with both bullish and bearish forces at play. While the historical precedent suggests that a 2,500% surge is possible, market conditions, liquidity, and investor sentiment will ultimately determine whether XRP can replicate its past performance.

For investors, this presents both an opportunity and a risk. If XRP holds key support levels and buying momentum accelerates, it could indeed be on track for a significant rally. However, given the inherent unpredictability of the crypto market, traders should remain cautious and monitor developments closely.

As the next few weeks unfold, XRP holders will be watching closely to see whether history repeats itself—or if this ambitious price projection remains out of reach.

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