EGRAG CRYPTO, a well-known analyst in the XRP community, has released a positive update regarding XRP’s price movement. This update highlights two key technical indicators suggesting a potential breakout and extended bullish run for the cryptocurrency.
The analyst points to a white triangle formed on XRP’s chart. This triangle formation aligns with previous chart patterns and coincides with the Fibonacci retracement levels of 0.702 and 0.786. These Fibonacci levels are significant, often indicating potential support and resistance zones.
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Based on these technical indicators, EGRAG CRYPTO projects a measured move for XRP between $1.20 and $1.50. However, he emphasizes the critical role of a breakout point around $0.70 to $0.75. If XRP successfully surpasses this resistance level within the next few weeks, it could trigger a significant price increase.
EGRAG CRYPTO expresses strong conviction in this potential breakout, even acknowledging the possibility of a retest after the initial surge. Despite this potential retest, he maintains a bullish outlook, suggesting a mega run is coming for XRP. Notably, the analyst said his target for XRP is double digits, indicating a significant price appreciation from current levels.
The analyst confidently wrote, “In the next couple of weeks, XRP is poised to break out. This is my conviction! Although a retest of the break-out might be in the cards, a MEGA RUN for XRP is on the horizon. Yes, my target is double digits!“
EGRAG CRYPTO’s analysis, which is an update for his previous bullish outlook on XRP, goes beyond the white triangle breakout, highlighting the continued importance of the Atlas Line. This technical indicator has seemingly provided support for XRP’s price, suggesting a potential floor for the asset.
EGRAG CRYPTO outlines the key price points associated with the ATLAS Line: Resistance:$0.5777, Support: $0.5000, Break-out Point: $0.6799.
As long as XRP remains above the $0.5 support level, it maintains a position favorable for the anticipated breakout. A decisive break above the resistance level of $0.5777 could further strengthen the bullish case for XRP.
EGRAG CRYPTO’s chart shows price recoveries after retesting the Atlas Line, and the recent retest could be the start of a big move for XRP.
Read Also: Analyst Projects 7,000% XRP Rally To $139 if it can Breach This Key Resistance
EGRAG CRYPTO concludes his update with a message of encouragement for XRP holders. Although the digital asset has discouraged some investors with its performance, the community is strongly behind it, showing confidence in its prospects.
The community believes the current price consolidation is a temporary phase, and a period of significant price appreciation is just over the horizon.
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