EGRAG CRYPTO (@egragcrypto), a well-respected crypto analyst on X, has recently shared his technical analysis on XRP. His analysis indicates a possible significant price increase for XRP soon.
EGRAG CRYPTO identifies a symmetrical triangle pattern on XRP’s weekly chart. Symmetrical triangles are technical chart patterns that are formed by two converging trendlines, one acting as resistance and the other acting as support. The price action of the asset oscillates between these trendlines as it approaches the apex of the triangle, which is the point where the trendlines meet.
Read Also: Analyst Sets XRP Minimum Target At $6.4, Says Stay Steady, Our Time Will Come
According to EGRAG CRYPTO’s analysis, the current symmetrical triangle pattern on XRP’s weekly chart is similar to the one that preceded XRP’s all-time high of $3.84 in January 2018.
Following the breakout from the 2018 triangle, XRP entered a sustained price increase to its all-time high. EGRAG CRYPTO suggests that if the current triangle follows a similar path, a significant XRP price surge could be imminent.
Fibonacci Levels and a Potential Target
A market strategist recently predicted that XRP will explode soon, and employs Fibonacci retracement levels to estimate the potential extent of the surge. The Fibonacci retracement levels are a series of horizontal lines based on historical price movements. These lines indicate potential support and resistance levels for the asset’s price.
In EGRAG CRYPTO’s analysis, the Fibonacci 1.618 level is the target for XRP’s potential price surge. If XRP were to follow the trajectory of the 2018 triangle and experience a breakout, the 1.618 Fibonacci retracement level suggests a potential price increase to $27 for XRP.
The $27 price point is a lofty target. XRP is trading at $0.443, after a significant 4.41% drop in the past 24 hours. A climb to $27 would require a significant 5,994.8% surge.
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Read Also: Analyst Predicts 94% XRP Price Surge to $1.2. Here’s the Timeline
When Will XRP’s Rally Begin?
EGRAG CRYPTO did not provide a timeline for this potential surge. However, the chart shows that XRP is close to the triangle’s apex, and any significant breakout could trigger the predicted surge.
EGRAG CRYPTO’s analysis has generated significant interest within the XRP community. How closes the analysis with a message of hope, telling the XRP army to stay steady, and stating, “Our time is coming!” A financial expert recently predicted that the altcoin season is here, and the predicted XRP surge could come sooner than many expect.
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. Times Tabloid is not responsible for any financial losses.
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