XRP could be on the cusp of a significant rally, according to a prominent market analyst. Joining the many bullish predictions in the market, the analyst has identified the formation of a historically bullish three-candle pattern on XRP’s monthly chart, suggesting that the asset could surge by as much as 1,506% or even 8,000%.
The analyst wrote, “Exploring candle formations offers profound insights into how prices move. XRP’s historical data highlights a fascinating trend: just twice has there been a sequence of 3 consecutive monthly Green Candles. Get ready—within the next 17 hours, we’re poised to seal another trio of consecutive green candles!”
#XRP's 3 Candle Formation: $10 or Soar to $50? 🚀
Exploring candle formations offers profound insights into how prices move. #XRP's historical data highlights a fascinating trend: just twice has there been a sequence of 3 consecutive monthly Green Candles. Get ready—within the… pic.twitter.com/TcKVbR2pWo
— EGRAG CRYPTO (@egragcrypto) November 30, 2023
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The Candle Pattern
EGRAG CRYPTO’s analysis of XRP’s historical data reveals a captivating pattern. The digital asset has only exhibited a sequence of three consecutive monthly green candles twice.
The first instance occurred in late 2015 and early 2016, coinciding with a 43.57% rally in XRP’s price. This was followed by a 12-month consolidation period, after which XRP surged by a staggering 8,000%.
The second instance of the three-candle pattern emerged in late 2017, triggering a 1,506% rally. Again, this was followed by a shorter consolidation phase, lasting only five months. He believes XRP is about to witness another trio of consecutive green candles, predicting this occurrence within 17 hours.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Two Potential Scenarios and Timelines
Delving into the historical records, the analyst paints two potential scenarios for XRP.
Scenario A – A 5-Month Consolidation: Following a 5-month consolidation phase, XRP experienced a staggering 1,500% surge. If history repeats itself, the analyst believes XRP can surge to $10, with this rally potentially commencing on April 1, 2024.
Scenario B – A 12-Month Consolidation: The second scenario is significantly more bullish. With a 12-month consolidation period, EGRAG CRYPTO expects an incredible 8,000% surge. The target for this surge is $50, with a commencement date of November 1, 2024.
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XRP’s Future
While the exact trajectory of XRP’s price remains uncertain, EGRAG CRYPTO highlights that the average of these two targets lands at $30, close to his predicted $27 target.
With the potential for a significant surge within sight, the analyst tells the community to stay steady and watch XRP rise. As the asset approaches the completion of its third consecutive monthly green candle, the excitement among XRP enthusiasts is high, and time will tell if XRP can reach EGRAG CRYPTO’s price target.
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