XRP Price To Rally 5,600% To $200? Crypto Analyst Lays Out The Possibilities

Crypto analyst Egrag Crypto has raised the possibility of the XRP price rallying to $200. This followed his analysis using the regression model, which showed that the altcoin could record a 5,600% rally to this price ￰0￱ The XRP Price Could Rally 5,600% To $200 In an X post, Egrag Crypto predicted that the XRP price could rally to $200 if it were to overshoot the linear regression ￰1￱ alluded to the monthly timeframe, which reflected the analysis of hits, misses, and overshoots using linear regression on a log ￰2￱ analyst then noted that the analysis is grounded in a 2-standard deviation ￰3￱ Reading: Analyst Suggests Thinking Of XRP As Just ‘Payments’ Is Primitive, Here’s The Real Deal Egrag Crypto further highlighted the R-squared value in the regression ￰4￱ explained that this is a critical metric in indicating how well the regression line fits the data, with values closer to 1 representing a better fit.

Essentially, 0.0 means no correlation, 0.5 indicates a moderate correlation, and 1 indicates a perfect ￰5￱ crypto analyst then revealed that the current R-squared is at 0.84754, indicating a highly fitting ￰6￱ further remarked that this means around 84.75% of the variance in the dependent variable can be explained by the independent ￰7￱ applying this theory to XRP price prediction, Egrag Crypto stated that the altcoin has reached the upper edge of the regression line three times. Notably, the XRP price recorded a notable overshoot on one occasion, when it surged by 570%. Meanwhile, in the 2021 cycle, it missed the target by 45%. Egrag Crypto stated that the altcoin is currently hovering around the midpoint of the ￰8￱ on his analysis, a hit of this regression line would put XRP at $27, while a miss of 45%, as seen in the 2021 cycle, would put the altcoin at $18.

The overshoot of 570% is what could cause XRP to skyrocket to $200. Egrag Crypto noted that these targets will likely increase as the regression model is trending upward. What’s Next For The Altcoin Crypto analyst CasiTrades has provided insights into what to expect from the XRP price amid the latest ￰9￱ an X post, she noted that the altcoin has printed a new low and remains within its larger consolidation pattern, even as it recently tested the key trendline around $2.91. The analyst also revealed that the area is the golden retrace, which is where Wave 2s love to correct before continuing ￰10￱ Reading: Analyst Says It Doesn’t Matter What Analysis You Use, XRP Price Is Set To Explode As such, if this level holds, CasiTrades believes that the XRP price could be setting up a textbook Elliot Wave continuation for Wave ￰11￱ stated that the next confirmation point is $3.12.

The analyst explained that this is the resistance level that is capping a higher move. Therefore, a break above that level would mean that the higher Fibonacci extensions are aligning ￰12￱ the time of writing, the XRP Price is trading at around $3, down in the last 24 hours, according to data from ￰13￱ image from iStock, chart from ￰14￱