Analyst Forecasts 60-65% Rally for XRP As Tom Lee’s BitMine Buys 48,049 ETH

A top analyst called Egrag Crypto predicts that the XRP price could rally to $3.10–$3.30 if the 200 EMA macro support holds. The altcoin is currently trading below $2.00 as selling pressure heightens in the market.

Amid the pullback, BitMine has reportedly bought 48,049 ETH following last week’s massive adoption. Analysts note that the altcoin price is about to skyrocket based on an inverse head and shoulders pattern.

Egrag Crypto Predicts Uptrend for XRP

In a recent tweet, Egrag Crypto, a top analyst and supporter of Ripple, noted that the altcoin trades in a descending channel after a recent pullback. He noted that the XRP price has immediate support around $1.90–$2.00, which has held in the past week.

However, if selling pressure should increase, Egrag Crypto highlighted the 200 EMA ($1.65) as another strong support level. As long as XRP’s price stays above this level, the analyst noted that his bullish thesis is intact.

For a bullish continuation to occur now, the XRP price has to surpass the immediate resistance around $2.30. Meanwhile, Egrag Crypto posted two potential scenarios XRP could take in the coming weeks. 

Firstly, if the 200 EMA holds, he predicted that the XRP price could break the channel to the upside and rally by 60-65% to $3.10–$3.30. On the other hand, if the 200 EMA breaks, Egrag expects a 35–40% decline. Presently, the XRP price is trading below $2.00 with a weekly loss of 8.2%, per TradingView.

BitMine Adds 48,049 ETH To Portfolio 

According to a recent tweet from Lookonchain, BitMine, one of the public companies with the largest share of Ethereum, bought 48,049 ETH on Wednesday. The purchase occurred in two transactions of 16.182K ETH and 31.867K ETH.

The latest purchase comes after the company bought a total of 102,259 ETH last week. The accumulation has not been without the record of massive sell-offs, such as the 47,463 ETH by BlackRock, which has had an impact on the price of Ethereum.

Presently, ETH trades below $3,000, per TradingView. For a rally to happen, bulls must surpass the major resistance around the 50-SMA ($3,189). Doing so could revive bullish sentiment for Ethereum.

Meanwhile, Donald Dean has cited a potential inverse head and shoulders pattern on the Ethereum price chart. Should this pattern play out, the analyst forecasts a major push to $3,591 and then $4,955.

Another expert, Bach, also reiterated this analysis, confirming the presence of an inverse head and shoulders pattern. Two price targets are $4,900 and $8,000.

In Summary 

The market remains at a critical juncture, with both XRP and Ethereum facing decisive technical tests. XRP’s outlook depends on holding key support levels to validate Egrag Crypto’s bullish forecast, while Ethereum’s price action is shaped by the inverse head and shoulders pattern highlighted by analysts. 

This formation suggests weakening selling pressure and a possible trend reversal. A confirmed neckline breakout, supported by volume, could unlock strong upside momentum and shift broader market sentiment.