EGRAG CRYPTO (@egragcrypto), a notable crypto analyst, has predicted that XRP might be gearing up for a significant move towards the coveted $2 mark. The analyst has detected some intriguing indicators suggesting a potential price surge, including XRP retesting a multi-year descending channel after a recent breakout and confirmation of a bullish monthly pennant.
The Bullish Insights
EGRAG, known for his insightful analyses, has presented an update to his former post, which we reported recently, shedding light on XRP’s price trajectory.
The analyst highlighted the “Steel Foundations” in the former analysis, which show the most resilient support levels for XRP. He highlighted two trading zones, Zone A and Zone B, which both have Steel Foundations.
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The Steel Foundation for Zone A is between $0.00485 and $0.00596. For Zone B, the Steel Foundation is between $0.25939 to $0.32630. XRP is currently trading in Zone B with a price of $0.4792.
#XRP Teetering on the Edge – $2 Inbound (UPDATE):
* To gain a deeper insight into the chart's dynamics, I recommend reviewing the post from October 6, 2023, on the following link: https://t.co/RO4K8B83jc.
* It's evident that #XRP is currently undergoing a retest phase following… pic.twitter.com/MQjqkol81e
— EGRAG CRYPTO (@egragcrypto) October 11, 2023
XRP has been trading in Zone B since 2017 when it formed the Steel Foundation for this zone. Although it dipped below Zone B’s Steel Foundation between late 2019 and early 2021, it has stayed within Zone B since then.
The chartist believes that XRP is poised to break free from Zone B and establish a third zone. Just like the surge in 2017 that formed Zone B, he is confident that a surge will create the new zone and a Steel Foundation between $1.6 and $2.
EGRAG CRYPTO’s new post shows the confirmation of this surge, with XRP retesting the descending channel in Zone B. XRP moved above this channel in July because of the surge after Ripple’s victory. XRP is retesting the channel could precede a substantial surge for XRP to $2.
Read Also: Top Chartist Says His $27 XRP Price Prediction Is Inevitable, Indicates Likely Timeline On Chart
The Bullish Monthly Pennant
EGRAG CRYPTO’s second analysis is more exciting and gives more credence to his bullish sentiment. This post shows a bullish pennant forming on the monthly chart. He calls this a “Super Bullish Sign” and provides insights into what the bullish pennant means for XRP.
The analyst begins by highlighting that using the monthly chart reduces the chance of misleading signals. He then points out that the robust flagpole signals an impending price surge.
He highlights that XRP formed this pennant during price consolidation and states that pauses in an uptrend often bring further upward momentum. Once the breakout from the pennant occurs, EGRAG emphasizes that a surge in trading volume will confirm the upward trajectory. He encourages his audience to stay strong and states that XRP will conquer the highest peaks.
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