The past few days have seen Top crypto analyst and crypto asset price predictor Egrag Crypto come up with staggering XRP price projections.
A new XRP price prediction by Egrag recently emerged. The latest price projection noted an inverted hammer formation on an XRP 2-month chart, indicating an increase of 1000% that would catapult XRP to the $5.5 price level.
Read Also: Top Chartist Says His $27 XRP Price Prediction Is Inevitable, Indicates Likely Timeline On Chart
Per the XRP chart, the crypto asset survived above the Atlas line all through this year, which is commendable.
#XRP: Anticipating Inverted Hammer Formation as 2-Month Candle Closes Tomorrow:
— EGRAG CRYPTO (@egragcrypto) August 30, 2023
In just one day, the two-month candle for #XRP is set to conclude its pattern, displaying the potential configuration of an inverted hammer formation.
Over the span of 426 days, #XRP has remarkably… pic.twitter.com/pgPHRAirdl
Understanding Inverted Hammer Formation On XRP’s Chart
For context, an inverted hammer is a terminology used to describe a scenario in the crypto market where sellers appear to dominate.
When sellers predominate in the crypto market, it results in declining market costs for most crypto assets. However, buyers gradually take charge, resulting in an improved market outlook.
Notably, the inverted hammer formation stemmed from XRP’s market activities and price movements between July and August. It started forming on July 13, after Judge Torres’s globally celebrated court ruling, which saw XRP spiked by over 93%.
The last time an inverted hammer was observed on XRP’s chart was in 2021, and it oversaw XRP reclaiming a price high at the $1.9669 price level in April 2021.
XRP has formed a similar trend after two years. It is expected that a parallel rally will repeat itself. Meanwhile, Egrag spotlighted the $0.80 price as a significant macro resistance level.
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Uniqueness Of Egrag’s Latest Analysis
Aside from the observed inverted hammer formation, Egrag hinted at a potential consistent XRP market structure over a remarkable 426-day time frame.
The analyst also noted that unlike the instabilities and volatility associated with the broader crypto market, XRP has proven dependable due to its associated stability, which has seen it attract more investors.
XRP’s Route To A Potential $5.5 Price Level
According to Egrag’s projection, the $2.3 price mark would be a stepping stone for XRP’s projected ascent to another higher price target of $3.3. Finally, from the $3.3 price mark, XRP would climb to $5.5, resulting in a new all-time high (ATH) for XRP.
Comparing XRP’s price ascent with the mythical Valhalla, Egrag remarked, “The true pinnacle, akin to Valhalla, resides beyond the $5.5 threshold. Upon this achievement, dissenting voices and skeptics are aptly silenced.”
According to CoinGecko, XRP’s current price is approximately $0.50. An increase to the projected $2.3, $3.3, and $5.5 would imply increments of 360%, 560%, and 1000%, respectively.
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