• An analyst predicts XRP could reach $27 if it replicates half of its 2017 growth.
• Australia’s tax office acknowledges XRP in a government paper, boosting its long-term prospects.

In a tweet, the well-known analyst EGRAG CRYPTO made a bold statement that piqued the interest of the XRP community. He predicted that if XRP experiences half of the spectacular rise it did in 2017, it may hit $27, aiming for the 0.618 Fibonacci level.

Analyst Sees Fibonacci Channel as Key to XRP’s Potential $27 Surge

This bullish prediction is based on the Fibonacci Channel, which EGRAG calls an “amazing leading indicator.” According to the analyst, the key to unlocking this large price spike is for XRP to close over $0.75 with great conviction, which will pave the way for even higher prices.

Despite XRP’s dismal performance in recent days, several analysts, notably EGRAG, remain optimistic about the next bull run.

At the time of writing, Ripple’s native coin is trading around $0.5649, down 1.69% over the last 24 hours. The token’s daily trading volume has surpassed $1.022 billion, while its market cap has fallen below $32 billion.

On the other hand, CNF has reported a significant XRP transfer, with Whale Alert reporting the movement of 60 million tokens to Binance. This large transaction has fanned concerns of a potential market dump, which could have an impact on XRP’s short-term price movement.

Such huge transactions frequently cause alarm among traders since they may indicate forthcoming sell-offs that will affect market dynamics.

Also, as we previously noted, Australia’s tax authority recently acknowledged XRP in a government report, which is regarded as a favorable move for cryptocurrency. This acknowledgment by a key regulatory agency demonstrates XRP’s growing acceptance, which may contribute to its long-term viability.

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