In a recent analysis, the veteran crypto analyst EGRAG CRYPTO (@egragcrypto) has provided an optimistic prediction for XRP’s price, suggesting that it is preparing for a potential rally to $2.
EGRAG’s analysis is based on a 4-month candle chart, which has revealed promising indicators for XRP’s future price movement. He highlighted that charts showing higher time frames are less susceptible to deceptive signals.
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His analysis provides five points that will help readers understand XRP’s journey. The first of these was called the “Untouched Steel Foundations.”
#XRP Steel Foundation & Eye-Opening Insights:
Behold the chart below, crafted from 4-month candles, revealing that higher time frames are less susceptible to deceptive signals. 🕯️
Here are 5 strategic and profound takeaways to fuel your understanding of the #XRP journey:
1️⃣… pic.twitter.com/775tRiXvtT
— EGRAG CRYPTO (@egragcrypto) September 26, 2023
The Takeaways from XRP’s Journey
EGRAG’s chart illustrates that this base serves as the final line of defense for XRP’s price within specific price zones, denoted as Zone A and Zone B. Zone A ranges from $0.00485 to $0.02483, with its foundation spanning from $0.00485 to $0.00596.
The price surge in 2017 led to the creation of Zone B and its steel foundation, which runs from $0.25939 to $0.32630.
The analyst pointed out that Zone A’s steel foundation was untouched as XRP did not go below it. The same can’t be said for Zone B because XRP went below it during the last brutal bear market.
The second point he highlighted was the “Bulls in Action.” He pointed out that XRP almost broke the steel foundation in June, September 2022, and January 2023. However, XRP stayed up because the bulls in the market defended it.
The third point was the “Resilient Range.” EGRAG CRYPTO states that $0.8 to $0.85 is a historical background for XRP. This matches the resistance point in one of his former predictions that could see XRP go to $7. He says, “XRP has never closed a full-bodied #Green Candle above this threshold, perpetually donning a red shroud during the #Bear market descent.”
The fourth is the “Imminent Transformation.” He points out that the next green candle that closes above $0.83 will birth the subsequent steel foundation. He says, “In plain English, you might never acquire XRP for less than $1 in your lifetime.” At the time of writing, XRP is trading at $0.502, making it a very optimistic outlook.
The fifth is the “FOMO Zone.” He highlights that the $2 is where the fear of missing out (FOMO) will be at its strongest. The following steel foundation could form between $1.6188 and $2, and this could be the support level for the next price zone.
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