Crypto analyst EGRAG CRYPTO (@egragcrypto) has identified a recurring pattern in XRP’s price movement. By drawing parallels to late 2020 to early 2021, the crypto analyst is projecting a substantial increase to $4.5 for XRP.
EGRAG CRYPTO highlights two distinct ascending triangles (AT). The Mini Ascending Triangle, symbolized in white, signifies a small rally, while the Mega Ascending Triangle, depicted in blue, represents a substantial rally.
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His chart shows that the Mini AT typically precedes the Mega AT. Following the completion of the Mega AT, XRP historically experienced an impressive rally, marked in green, surpassing the gains of the Mega AT. A surge to $4.5 will be a 750% increase from XRP’s current price of $0.53. However, there are some stops XRP has to make along the way.
#XRP White – Blue – Green:
White ✅: Completed at $0.93 💰
Blue 🔵: In progress to $1.5 🚧
Green 🟢: Awaiting activation at $4.5 🌱 (After Blue completion)What's my take? 🤔 To me, it looks like #XRP did a classic break-out, retest, and continuation pattern! #XRPArmy… pic.twitter.com/2ysyDs80dz
— EGRAG CRYPTO (@egragcrypto) October 1, 2023
The Original Pattern
EGRAG CRYPTO’s charts show the original pattern between November 2020 and April 2021. Although the chart doesn’t show the Mini AT for 2020, it highlights the Mega AT that formed with XRP’s jump to $0.79 in November 2020.
A correction following the Mega AT brought XRP down to $0.17 in December of the same year. Notably, this coincided with the beginning of the SEC’s lawsuit against Ripple about XRP’s security status. However, the chart shows the surge after the correction, which sent XRP to over $1.9 in April 2021.
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The Recurring Pattern
EGRAG CRYPTO believes that a similar pattern is unfolding in the current cycle. The charts show that XRP completed the Mini AT when it surged to $0.93 in July following the lawsuit victory. This surge broke a multi-year fall for XRP, which began in April 2021.
The surge also showed XRP retesting the trendline, which sets the stage for that pattern to continue. A correction came after this rally, which continues to persist.
EGRAG CRYPTO anticipates the formation of the Mega AT as the next step for XRP, with a target of $1.5 upon its completion. Following the Mega AT, a substantial rally, represented in green, is expected, which could send XRP to $4.5.
As expected, people in the community are asking for a timeline. One user stated that the surge is due already. EGRAG CRYPTO emphasizes that he does not provide a specific timeline for this target. This analysis only shows XRP’s path to $4.5.
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