EGRAG CRYPTO (@egragcrypto), a well-known analyst in the XRP community, recently shared a positive outlook on XRP’s price trajectory. His analysis hinges on two technical indicators: a White Triangle pattern and XRP’s Fibonacci retracement levels.
EGRAG CRYPTO expressed strong confidence in XRP breaching the current White Triangle pattern. Two trendlines, the Atlas Line and the Genuine Wake-Up Line, form the triangle. The Genuine Wake-Up Line is a downward trendline that EGRAG CRYPTO believes XRP will soon break out of.
Read Also: Analyst Predicts 94% XRP Price Surge to $1.2. Here’s the Timeline
The Atlas Line is a support that has consistently kept XRP from falling below since before 2020. It is also an upward trendline, suggesting that XRP’s price will keep climbing as it finds support at higher prices.
He recently presented a similar analysis, but in his update, he expects a measured move to $1.5 for the initial breakout. He also highlighted a crucial zone between $6.5 and $7.5, identified by the Fibonacci retracement level at 1.618.
Fibonacci retracement levels are popular technical indicators used to predict potential support and resistance areas. EGRAG CRYPTO highlighted this zone as a profit-taking zone for investors.
Should XRP achieve a weekly closing price above $7.5, EGRAG CRYPTO projects even more optimistic targets in the mid-double digits. These targets align with the Fibonacci retracement levels at 2.414 and 2.618. Sustaining a price above $7.5 and reaching these higher targets would signify a strong bullish trend.
EGRAG CRYPTO addressed the XRP community, advising them to stay calm and hold their positions. His core argument rests on the idea of rotational profits. This suggests that price increases in other cryptocurrencies might eventually lead to profit-taking by investors. According to EGRAG CRYPTO, these profits could flow into XRP, positioning it as the primary beneficiary due to its potential.
Read Also: Unknown Whale Moves 1.06 Trillion SHIB to Coinbase in One Transaction
EGRAG CRYPTO’s reputation within the XRP community can influence investor sentiment. His positive prediction could potentially boost XRP’s price in the short term. However, other factors, like the end of the lawsuit with the U.S. Securities and Exchange Commission (SEC), could affect XRP’s trajectory.
Despite the uncertainty, the analyst recently shared a message of hope for the community. XRP is yet to show significant bullish momentum, but analysts are confident that its time will come.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Times Tabloid is not responsible for any financial losses.
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