Saturday, February 24, 2024
HomeCryptocurrencyAnalyst Shows XRP Rally to $6 or $22 In Two Scenarios, Says...

Analyst Shows XRP Rally to $6 or $22 In Two Scenarios, Says Buy the Dip

Prominent crypto analyst EGRAG CRYPTO (@egragcrypto) has issued a compelling call to action for XRP investors, urging them to seize buying opportunities as XRP fails to sustain upward momentum.

According to EGRAG CRYPTO’s analysis, XRP has been trading within a persistent symmetrical triangle since 2017, and a potential breakout is around the corner, sharing two distinct trajectories.

Read Also: Crypto Pundit Pinpoints Major Issue That Stalls XRP Price Over the Last 5 Years

Two Possible Paths for XRP

Building on his analysis from December 2023, EGRAG CRYPTO reinforced his prediction, saying, “As long as #XRP maintains its Symmetrical Triangle Formation, consider these dips as buying opportunities.”

In December, he identified a symmetrical triangle governing XRP’s price movements, characterized by converging upper and lower trendlines. This pattern historically foreshadows a breakout, and EGRAG outlined two potential scenarios for XRP’s future direction:

Scenario 1 – Sustaining the Uptrend: Should XRP replicate and maintain the upward trajectory observed in late 2023, the analyst posits a “blue path” breakout. This scenario suggests a climb to $6.41, representing a significant gain from current levels.

Scenario 2 – Overcoming a Downturn: The chartist believes that if XRP experiences a temporary dip in early 2024, it may embark on a “green path” recovery. This scenario envisions a more substantial price surge, with XRP projected to reach $22.38.

Capitalizing on Dips

While acknowledging both potential trajectories, EGRAG emphasizes his preference for the blue path in his December analysis. However, he underscores the validity of the green path, particularly in light of XRP’s recent dip within the symmetrical triangle. This development aligns with the green path scenario, potentially paving the way for the anticipated $22 target.

The analyst’s core message remains unchanged. He urges users to capitalize on price dips within the symmetrical triangle. As long as XRP stays within this technical pattern, even temporary downturns present buying opportunities for investors anticipating the breakout.

Read Also: Google Bard Predicts XRP Price If Bitcoin Hits $530,000 As Projected by Bloomberg


XRP’s Performance

XRP seems to be providing investors with reasons to buy more. The digital asset recently dropped to #7 in the market cap rankings. Although XRP managed to regain the #6 spot, this brought memories of last year when Solana (SOL) outperformed and displaced the digital asset on market ranking.

XRP also fell below $0.5 temporarily, causing fear and panic in the community. At press time, XRP is trading at $0.5031, and despite its performance, many within the XRP army still resolutely believe that a breakout is coming. Only time will tell if XRP can meet their expectations, or continue disappointing users.

Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.

Latest News & Articles