EGRAG CRYPTO, a well-respected crypto analyst, has identified potentially bullish technical indicators for XRP. This analysis focuses on the formation of two triangles and a longer-term trendline, suggesting possible price movements in the coming months.
EGRAG CRYPTO highlights the significance of an ascending trendline he refers to as the “Atlas Line.” This line was established in March 2020, and XRP has repeatedly found support at this trendline, indicated by nine distinct touchpoints where XRP retested the trendline. This historical trend suggests that the Atlas Line may continue to act as a significant support level for XRP.
#XRP $5.89 Not Title Hook, But Calculated Move🪝
ATLAS LINE:
The 'ATLAS LINE' has been a holding #XRP Price since March 2020, as indicated by the 9 strong Yellow circle touch points. 🟡⬜ White Triangle:
If #XRP breaks out to the upside, then $1.5 is the measured move,… pic.twitter.com/2a9gk1Vaj1— EGRAG CRYPTO (@egragcrypto) May 7, 2024
Triangle Formations and Price Targets
Although other analysts have drawn attention to a multi-year triangle on XRP’s chart, EGRAG CRYPTO takes a different approach, drawing attention to two triangular formations. The first is a blue triangle that preceded the significant price surge observed in July 2023 after the pivotal ruling in the XRP lawsuit.
Following the July breakout, a new white triangle has formed, within which XRP’s price is currently consolidating. EGRAG CRYPTO suggests a breakout from this white triangle could trigger further price appreciation.
Measured Moves and Potential Price Targets
In the case of the white triangle, a breakout to the upside could lead to a measured move with a target of $1.50. This price target is close to the 0.786 Fibonacci retracement level.
However, a breakout from the blue triangle suggests a more significant price increase. The measured move for the blue triangle suggests a potential price target of $5.89, aligning with the 1.618 Fibonacci retracement level. Although XRP has left the blue triangle, EGRAG CRYPTO predicts a move to $1.5 and a subsequent major pump to $5.89.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
A Long-term Perspective
EGRAG CRYPTO emphasizes the importance of maintaining a long-term perspective for XRP investors. While the analysis suggests potential price pumps shortly, with targets of $1.50 and $5.89, the analyst also acknowledges the possibility of a “macro pump” that could propel the price above $10.
The Atlas Line as a long-term support level and the presence of two bullish triangle formations suggest potential price appreciation for XRP in the coming months. XRP recently defied bearish signals and could ride its renewed momentum to EGRAG CRYPTO’s price targets and beyond.
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