XRP has garnered attention from market analyst EGRAG CRYPTO (@egragcrypto), who anticipates a significant price surge. His recent bullish prediction stems from his observation of a potential technical indicator on the three-month chart.
This technical indicator known as a symmetrical triangle, is formed by converging trendlines and often precedes significant price movements. In XRP’s case, a breakout from the symmetrical triangle could signal a significant bullish trend.
#XRP 3 Months Candle – It's #BULLISH AF: 🐂💥
A) The Triangle formation is still intact 🔺
i) Previous Cycle extended way beyond the
measured move (Blue Line) of the Triangle 📈ii) This time, if we just take the same measured move
(Green… pic.twitter.com/8BcCqCGDtC— EGRAG CRYPTO (@egragcrypto) March 5, 2024
Read Also: XRP to $412? Top Analyst Shares Historical Path To 75,000% Rally
Potential Breakout and Price Targets
EGRAG CRYPTO’s analysis delves into the details of the symmetrical triangle and its potential implications for XRP. The current three-month candlestick, ending in March 2024, is crucial in determining the validity of the bullish hammer formation.
If XRP concludes the month with a closing price above the opening price and a lower wick that represents a brief price dip followed by a recovery, a bullish hammer candlestick would be confirmed. This pattern historically indicates a potential reversal from a downtrend to an uptrend.
EGRAG posits that XRP could reach a high of $1.27 before the March close, coinciding with a resistance level formed by the upper trendline of the symmetrical triangle.
Future Price Milestones
EGRAG CRYPTO’s analysis referenced a previous price breakout from a similar symmetrical triangle in 2017. He transposed the measured line into the current chart, and this green line serves as a potential price trajectory for XRP, mirroring the substantial gains observed in the 2017 breakout.
Following this projected path, EGRAG CRYPTO identifies several potential price targets. The initial target sits at $7.50, followed by a two-digit price point of $11.00. The analyst acknowledges the possibility of even more significant growth, projecting a surge to $27.00.
Recall that EGRAG CRYPTO has been pushing the $27 target for a long time. If XRP breaches this level, he believes the digital asset can reach $107.3.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: After 7 Years of XRP Price Suppression, Analyst Predicts 26,731% Rally to $130, Sets Likely Timeline
The Current Crypto Market
XRP is currently trading at $0.6224. To reach $107.3, it needs to climb 17,139.7%. History shows that the digital token is a late bloomer in market-wide bull runs. EGRAG’s analysis presents a compelling case for its potential in the current market cycle.
Although it takes time, many believe XRP will dominate the next bull cycle. A notable crypto figure recently expressed frustration about XRP’s trajectory but concluded that XRP is at its bottom. He believes XRP’s price can only increase and expects it to perform spectacularly in the coming months.
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