Saturday, June 15, 2024
HomeCryptocurrencyTop Analyst Shows XRP Path to $7.5 and Three-Digit Target

Top Analyst Shows XRP Path to $7.5 and Three-Digit Target

EGRAG CRYPTO (@egragcrypto), a well-respected analyst in the XRP community, recently presented a technical analysis suggesting a potential bullish breakout for XRP. This analysis builds upon a previous prediction, the “Final Wake Up Line,” which saw a successful breakout in July 2023 but did not reach the anticipated heights.

Top Analyst Shows XRP Path to $7.5 and Three-Digit Target
Source: EGRAG CRYPTO/X

The new analysis centers around the formation of a white triangle on the XRP chart. This triangle incorporates highs from 2021, potentially signifying a period of consolidation before a significant price movement.

Read Also: US Lawmaker: Ripple and XRP Victory Against the SEC is a Wake-Up Call to Action for Congress

Within this white triangle, EGRAG CRYPTO introduces the “Genuine Wake-Up Line,”  represented in yellow on the chart. The Genuine Wake-Up Line forms the upper trendline in the triangle, and the bottom trendline is formed by the Atlas Line, which has served as crucial support for XRP through the years.

The analyst anticipates a breakout to $1.5 within the confines of the white triangle. This breakout is seen as a crucial first step, potentially leading to a further price increase towards $7.5 within a larger blue triangle on the chart. This target mirrors a recent target set by the analyst where he compared XRP’s potential trajectory to Tesla’s trajectory.

EGRAG CRYPTO emphasizes the importance of a decisive break above the Genuine Wake-Up Line. This break, followed by a retest for confirmation, is believed to be the catalyst for a full upward swing in XRP’s price.

The $7.5 target within the blue triangle is identified as wave 1 of a larger wave structure. EGRAG CRYPTO hints at the possibility of a third wave within this structure, which traditionally represents the strongest impulsive wave in a trend and could potentially lead XRP to a three-digit price target in the long term.

Read Also: As XRP Giant Cup Forms, Analyst States Crucial Resistance Level for Bullish Continuation

Can XRP Reach $7.5?

Although technical analysis may not always be 100% accurate, EGRAG CRYPTO’s analysis is built on sound technical principles. It offers XRP investors a potential roadmap for the asset price trajectory. The breakout above the Genuine Wake-Up Line and subsequent confirmation through a retest are critical factors to watch.

<

XRP might not reach the $7.5 target in the short term, but there’s a good chance it might surpass that target eventually.


Follow us on Twitter, Facebook, Telegram, and Google News

Tobi Loba
Tobi Loba
Tobi Loba is a passionate writer with a vast interest in the stock market. She joined the crypto ecosystem about three years ago and has written lots of ebooks and articles in relation to cryptocurrency and blockchain projects. Tobi Loba earned her degree at the University of Ibadan.
RELATED ARTICLES

Latest News & Articles