$XRP suffered a sharp drop over the weekend as the wider crypto market recoiled amid concerns of a full-blown war following the US bombing of Iran. Notably, the coin’s price dropped as low as $1.95 on Sunday before recovering slightly above $2. Nevertheless, amid thisfragile macro environment, analyst Egrag Crypto believes $XRP is still poised for an explosive upward move that could catapult the asset as high as $27 if a key technical breakout unfolds in July. In a Sunday post on X, the analyst framed $XRP’s current market structure as part of a larger bullish formation. “$XRP – Kangaroo + Gaussian Channel + EMA = Valhalla,” he wrote, asserting that the token remains above the critical threshold of the Gaussian Channel on the weekly timeframe. Notably, he pegged the channel’s upper limit at $1.75 and warned that falling below it could be like sinking into “quicksand” or a slip that risks ending the current bullish cycle altogether. Despite this risk, he’s confident that $XRP has one more “epic” leg up. He pointed to the 21-week EMA as a key line in the sand, noting that while brief deviations below it may signal macro consolidation, a full-bodied close above it, particularly above the $2.33 resistance, would strongly confirm renewed bullish momentum. “Closing full-body candles above the 21 EMA is an extreme bullish sign,” he stated. He added that a decisive breakout above $2.65 would mark a “GO/GO” moment for $XRP’s long-term trajectory. Egrag also revisited his broader thesis, based on $XRP’s breakout from a symmetrical triangle pattern, the same kind that preceded its historic rally in 2017. That previous breakout saw $XRP climb from $0.23 to $3.84, a 1,560% move. By comparison, the recent breakout in November 2024 has so far yielded a modest 485% gain, suggesting that the full potential of the pattern is yet to play out. That said, according to Egrag, if $XRP maintains key support levels through June and confirms the bullish breakout in July, it could trigger what he calls the “Valhalla rally,” a meteoric rise to $27. It’s not the first time he’s mentioned this target, but this time, he ties it to Fibonacci extensions, wave theory, and long-term structural analysis. Adding to the bullish sentiment, fellow analyst Dark Defender echoed Egrag’s confidence. “Nothing has changed on the $XRP side,” he wrote, pointing out how the $1.88 support held firm during the recent dip. He noted that $XRP still maintains its Monthly Wave 5 structure, part of a broader Elliott Wave count forecasting a push toward a new high. Dark Defender also cited a bounce at $2.07 as confirmation of market resilience and reiterated that a surge above $3.50 remains likely if Wave 5 unfolds as expected. His analysis leans heavily on Fibonacci retracement levels. At press time, $XRP was trading at $2.0,1, reflecting a 1.93% drop in the past 24 hours.