EGRAG CRYPTO (@egragcrypto), a well-known crypto analyst, recently shared a chart analysis suggesting a bullish outlook for XRP. The analysis centers on a triangle technical pattern.
This pattern typically forms when the price creates a series of higher lows and lower highs. This pattern shows consolidation periods, and EGRAG CRYPTO highlights the bullish implications of this pattern, suggesting a potential breakout to the upside.
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The analyst references a historical price movement to estimate the extent of XRP’s potential rise. In 2017, XRP experienced a significant surge of approximately 41%. This was a smaller surge before XRP climbed over 4,500% to its all-time high in January 2018.
EGRAG CRYPTO suggests that achieving a similar surge in the current market conditions would position XRP at the upper trendline of the ascending triangle.
This historical reference point leads the analyst to a more decisive statement: a resounding “yes” to whether history will repeat itself. Based on this analysis, he expects XRP to experience another 41% surge before it begins its climb to unprecedented heights, which he describes as Valhalla.
The Target for XRP’s Surge
While EGRAG CRYPTO expects an initial surge of around 41%, he acknowledges the difficulty of predicting exact price movements. While he cannot guarantee a precise percentage increase, EGRAG CRYPTO emphasizes the Fibonacci retracement level of 1.618 (around $27) as a potential target zone. This level, derived from the Fibonacci sequence, is a tool analysts use to identify possible support and resistance areas.
Beyond the specific target zone, the analyst emphasizes the likelihood of XRP experiencing a double-digit percentage increase based on the combined analysis of the chart pattern and Fibonacci retracement levels.
Managing Risk When Investing
Despite the optimistic outlook, EGRAG CRYPTO underscores the importance of risk management. He recommends implementing a Dollar-Cost Averaging (DCA) strategy, which involves investing a fixed amount of money at regular intervals. This approach aims to mitigate the risk associated with market volatility by averaging out the purchase price over time.
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The analyst concludes by urging XRP holders to remain calm and prepared. He emphasized the importance of identifying the optimal moment to take profits, marking a range comprising the Fibonacci 1.236, 1.414, and 1.618 levels as the “Taking Profit Zone.”
EGRAG CRYPTO has consistently shown faith in XRP’s future and recently marked July 2024 as a potential turning point for the digital asset after prolonged underperformance. Based on his predictions, XRP is about to recreate history, and this could be the best performance XRP holders have ever seen.
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