Crypto market analyst Egrag Crypto has sparked a frenzy in the XRP market with a bold prediction of a 1700% price rally if the Ripple-backed asset closes above a certain level in the coming ten days. The analyst's bullish outlook is based on a "hammer candle formation" in XRP's 3-month time frame, which he believes will lead to a significant price surge.

Key Level for XRP Price Rally

Egrag Crypto has identified a crucial price range of $0.55 to $0.58 that XRP needs to close above in the coming ten days to trigger the predicted price rally. If this happens, the analyst expects a "perfect hammer formation" that will pave the way for a "mega pump" in XRP's price.

Historical Data Supports Prediction

The analyst cites historical data from April-June 2016 and July-September 2017 to support his prediction. He believes that if XRP follows the "hammer 2" pattern, a significant price surge of around 1700% could be in the cards. However, if the pattern follows "hammer 1," traders and investors might be in for a staggering 5500% pump after a six-month waiting period.

Current Market Performance

XRP's price has soared 1.91% to reach $0.4985 today, with its 24-hour bottoms and peaks at $0.488 and $0.5002. The token's Open Interest has seen a slight 0.55% surge to $564.05 million, aligning with the price pump. However, the derivatives volume has dipped 43.23% to $925.11 million, stirring contrasting sentiments. The RSI has moved around 47, hinting at broader market neutrality for the asset.

Ripple's CEO Optimistic About XRP ETF

Ripple's CEO Brad Garlinghouse has expressed optimism about an XRP ETF, which could further fuel gains in the asset. However, the analyst's price prediction remains in question at the moment, and investors will be closely watching the market to see if XRP can close above the key level and trigger the predicted price rally.