Egrag Crypto, a prominent crypto analyst, has posted a chart and commentary on Twitter suggesting a bullish outlook for XRP. The chart depicts a “launching channel” with partial wicking candles, which Egrag Crypto interprets as a sign of bullish strength.
XRP in a Launching Channel
The term “launching channel” refers to a price pattern on a chart that indicates an asset is accumulating value before a potential breakout. In the context of Egrag Crypto’s tweet, the launching channel is formed by two trendlines, one acting as support and the other as resistance.
Read Also: XRP Price Analysis: Key Resistance Levels On XRP Path To $5
The partial wicking candles suggest that the price has attempted to move below the support trendline but has been quickly rejected by buyers. This repeated rejection at the support level is seen as a bullish signal.
Egrag Crypto further highlights that the top end of the launching channel shows ascending consolidation. This pattern is often seen as a precursor to a breakout, as it suggests that buyers are accumulating the asset in anticipation of a future price increase.
#XRP Launching Channel:#XRP is holding strong LIKE A BOSS🦾. The Launching Channel features partial wicking candles, with the top end showing an ascending consolidation, indicating #Bullish strength.
I'll start worrying if we lose the Launching Channel on the weekly… pic.twitter.com/sLcGhRM0qN
— EGRAG CRYPTO (@egragcrypto) May 13, 2024
Ignition Stage
Egrag Crypto states that he will only start to worry about the bullish outlook if the price of XRP falls below the launching channel on the weekly timeframe. Until then, he believes that XRP is gearing up for an “ignition stage.”
The ignition stage is likely a reference to a period of significant price increase. Egrag Crypto suggests that a confirmed closing above the launching channel could propel the price of XRP to the “Major Target” Fibonacci level of 1.618, which is approximately $6.40.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
XRP Army Stay Steady
Egrag Crypto concludes his tweet with a message to the XRP Army, urging them to stay steady as the next 3-6 months could be a life-changing window. This suggests that Egrag Crypto believes that the price of XRP could see a significant increase in the coming months.
Read Also: Over 500 Projects Are Currently Building On Cardano As the Ecosystem Maintains Steady Growth
It is important to note that Egrag Crypto’s tweet is based on technical analysis, and technical analysis is not always an accurate predictor of future price movements. Investors should always conduct their research before making any investment decisions. The disclaimer on the chart Egrag Crypto posted reads:
“Any Figures, Numbers, Targets, Charts, or any related comments are for simulation purposes only and not financial advice or any kind of forecast or guarantee. Viewers and readers must conduct their own research and due diligence before making any responsible action in trading or selling of any financial instruments.”
Follow us on Twitter, Facebook, Telegram, and Google News
