XRP price movements have been a subject of debate among crypto enthusiasts, especially with XRP underperforming.
Prominent market analyst EGRAG CRYPTO (@egragcrypto) has shared a fascinating chart analysis, dissecting two crucial channels that have shaped XRP’s trajectory. Understanding these channels is key to deciphering the token’s potential path towards the $5 mark.
#XRP Blue Channel vs. Red Channel Unveiled:
To decipher the intricate details within the chart below, let's break it down into three crucial sections:
1) Blue Channel in comparison to Red Channel:
Should the Blue Channel align with the Red Channel, a potential flash crash to… pic.twitter.com/2w5hmoH872— EGRAG CRYPTO (@egragcrypto) January 19, 2024
Read Also: Analyst: Expect 500% XRP Price Jump To $2.8 After Current Retracement
The Red Channel
The Red Channel, residing beneath its blue counterpart, marks XRP’s early days. The analyst shows in his chart that XRP stayed within this range for 581 days from 2015 to 2017. After that lengthy period, XRP broke out in a monumental surge, propelling it to its all-time high of $3.84.
Interestingly, XRP did not spend long periods in either channel for a long time, soaring above both during the 2017/2018 rally. However, a downturn in April 2022 sent it retreating into the Blue Channel, where it has resided for 602 days and counting.
The Blue Channel
EGRAG CRYPTO draws crucial parallels between the Red and Blue Channels. Should the Blue Channel mirror the Red’s historical behavior, we might witness a temporary dip to $0.28 before a rebound to $0.41. This, however, could pave the way for a much greater ascent.
But the journey won’t be without obstacles. Formidable resistance points await at $0.6, $0.75, $0.93, and $1.3 within the Blue Channel’s upper reaches. Conquering these will be the true test of a sustained bull run. Conversely, the lower boundary has shown remarkable resilience, marked by consistent higher lows.
This offers a glimmer of hope even in the face of potential market volatility. With legal clarity and the U.S. market potentially opening up, XRP might sustain its surge and cross these resistance levels.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: XRP to $50 or $100? ChatGPT and Google Bard XRP Price Projections and Timeline
Confirmation of a Bullish Run
Achieving weekly closes above any of the aforementioned resistance points would be a major bullish signal. It would signify robust support and pave the way for a continued upward trajectory. These targets offer a roadmap for predicting significant price movements.
EGRAG CRYPTO also predicts a 50% drop, which seems like a discouraging prospect. However, he describes this decline as a “generational buying opportunity.” On the chart, EGRAG CRYPTO marked March 4, 2024, as the day XRP would reach $5.
Although it has been revealed that BlackRock won’t be applying for an XRP ETF anytime soon, XRP still has massive potential for a jump in 2024.
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