A prominent crypto analyst, EGRAG, has outlined two potential breakout scenarios for XRP, suggesting a significant price increase in the coming weeks. Although XRP’s price trend has been lethargic this analysis arrives amid a resurgence of positive sentiment within the cryptocurrency market.
According to Coinmarketcap’s data, the token trades at $0.52 at the time of writing and has seen minimal movement over the past day and week. Despite the lack of recent gains, EGRAG CRYPTO strongly believes in XRP’s potential to surpass price points not recently witnessed. His analysis focuses on symmetrical triangle formations identified on XRP’s historical chart, particularly the triangle formed by the most recent price movements.
Read Also: MasterCard Integration Is Coming To This Top XRP Wallet: Details
This triangle’s apex aligns with XRP’s July 2023 peak of $0.93, while its base corresponds to the previous dip to the $0.4 range. Based on this technical formation, EGRAG outlines two potential scenarios that could unfold upon a breakout from the current downtrend.
Scenario 1: Anticipated Surge Towards $1.5
The first scenario represents EGRAG’s most bullish short-term prediction. He anticipates a “measured move” propelling XRP to surpass resistance between $1.2 and $1.5. Considering the current price of $0.53, this analysis suggests a potential price increase of approximately 182%.
EGRAG emphasizes that a return to the $0.7 to $0.75 price channel would strongly confirm the projected $1.5 breakout target. Furthermore, he is confident that this breakout will likely occur within the next few weeks.
However, the analyst acknowledges the possibility of a retest at the breakout level. This suggests that XRP might experience a temporary dip or encounter additional resistance before the anticipated surge. Nevertheless, EGRAG maintains his optimistic outlook, reaffirming his double-digit price target and suggesting a significant rally for XRP is imminent.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Scenario 2: Establishing Support and Potential for Further Growth
The second scenario, derived from the symmetrical triangle formation, considers XRP’s price behavior over the past ten months. EGRAG highlights XRP’s resilience throughout this period, stating it has “held strong” despite market fluctuations.
Read Also: Palau Stablecoin (PSC) Transactions Can Now be Tracked on XRP Ledger (XRPL)
In this scenario, $0.577 is a crucial resistance level that XRP must overcome for further upward movement. While $0.5 serves as a critical support level, EGRAG suggests a breakout point of $0.6799.
It’s important to note that EGRAG’s current analysis aligns with his ongoing assessment of XRP within the context of a larger, long-term price target. While his short-term analysis based on the recent triangle suggests a potential surge to $1.5, his broader analysis incorporating a more extensive triangle formation proposes an even more ambitious price range for XRP, potentially reaching between $5.89 and $7.5.
Follow us on Twitter, Facebook, Telegram, and Google News
