EGRAG Crypto, a widely followed analyst in the crypto community, has been providing detailed technical analyses and predictions for XRP, a popular crypto majorly distributed by Ripple.
In a series of tweets posted on May 18th and August 23rd, 2024, EGRAG outlines a strategic vision for XRP, focusing on key technical indicators and potential price movements.
His analysis is centered around the concept of the “Genuine Wake-Up Line,” a crucial resistance level that could signal a significant upward move for XRP if breached.
May 18th, 2024: Introduction of the “Genuine Wake-Up Line”
In his May 18th tweet, EGRAG Crypto revisits a concept he introduced earlier—the “Final Wake Up Line.” This line had seen a breakout in July 2023, but it did not lead to the expected substantial price increase. EGRAG now introduces the “Genuine Wake-Up Line,” a new resistance level highlighted in yellow on his charts.
This line is forming within a white triangle pattern that incorporates the highs from 2021, suggesting a potential breakout for XRP around the $1.5 mark within this white triangle. Furthermore, he anticipates a more significant breakout, with a target of $7.5, within a larger blue triangle.
EGRAG emphasizes the importance of XRP breaking past this “Genuine Wake-Up Line” with strong conviction. He suggests that after a successful breakout, a retest of this level could set the stage for a full upward swing, potentially leading to significant price increases.
The analyst’s long-term target within this framework is $7.5, which he identifies as the first wave of a much larger macro wave 3, hinting at even higher price targets in the future.
August 23rd, 2024: Update and Confirmation
In a follow-up tweet on August 23rd, EGRAG Crypto reaffirmed his earlier predictions, emphasizing that his stance and targets remain unchanged. He notes that XRP is holding strong within the $0.55-$0.60 range and that a weekly closure above $0.64 could be a critical signal for the next upward move.
According to EGRAG, this could pave the way for XRP to test the $0.70-$0.75 range, which he identifies as the “Genuine Wake-Up Line.”
EGRAG also updates his followers on the “Atlas Line,” another technical indicator he has previously discussed. He acknowledges that this line was breached, but he characterizes this as a “Bear Trap,” a situation where a price movement temporarily moves in the opposite direction of the anticipated trend, causing short-term confusion among traders.
Despite this, EGRAG remains confident in his analysis, suggesting that the current price consolidation is a precursor to a significant breakout.
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Key Targets and Implications
EGRAG Crypto’s analysis points to several key price targets for XRP in the short to medium term. The first major target is $1.3-$1.5, which he expects to be reached before a retest of the triangle breakout.
Following this, he anticipates a move towards the Fibonacci 1.618 level at $6.4, which he identifies as the first major target within the larger bullish wave. This level is significant as it is often seen as a key resistance point in technical analysis, where price action tends to consolidate before potentially continuing in the direction of the trend.
EGRAG’s long-term outlook remains bullish, with the $6.4 target being part of a larger wave structure that could eventually lead to a three-digit price for XRP. He advises the XRP community, often called the “XRP Army,” to stay steady and patient, as the current technical setup could lead to substantial gains if the predicted breakouts occur.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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