XRP has garnered attention from analysts again, with the formation of a bullish technical pattern suggesting potential price appreciation in the near term.
Top crypto analyst EGRAG CRYPTO (@egragcrypto) identified this W pattern, indicating a potential upswing that could propel XRP toward a target range of $1 to $1.3.
#XRP – 'W' Pattern Emerging (Target $1-$1.3$💡🚀):
The emergence of a Green 'W' Pattern in XRP is catching attention, presenting both possibility and credibility. However, the completion of the second part of the 'W' Pattern may exhibit characteristics of either a green or blue… https://t.co/4mmYKEHDWx pic.twitter.com/PqkBE8ckym
— EGRAG CRYPTO (@egragcrypto) February 8, 2024
Read Also: XRP Price Analysis: Key Resistance Levels On XRP Path To $5
Navigating the Ascending Channel
The analyst previously identified an ascending parallel channel dictating XRP’s price movements over an extended period. This channel features two distinct zones: an upper blue portion and a lower yellow portion. The upper blue portion historically served as a zone of potential resistance, while the lower yellow portion often acted as support.
During the April 2021 rally, XRP surged beyond the ascending channel, briefly reaching $1.96. However, the asset failed to sustain this level and retreated. It subsequently remained above the upper blue zone of the ascending channel, demonstrating resilience against a further decline. Nevertheless, bearish pressure eventually pushed XRP downwards, culminating in a huge drop in May 2022, coinciding with the Terra ecosystem collapse.
This decline sent XRP back into the ascending channel, followed by a further 21% plunge to $0.33 in June 2022. Despite this bearishness, the digital asset held its ground within the upper blue portion, indicating some degree of buying pressure. However, a recent 18% monthly decline in January 2024 pushed XRP into the lower yellow portion of the channel.
This decline has caused some uncertainty and worry in the market. A prominent community member recently called on Ripple Executives to do something about XRP’s performance. However, EGRAG CRYPTO shows XRP has been gearing up for something big.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Shares XRP Price Targets As “GODS Candle” Flashes
W Pattern Formation and Price Projections
While residing within the upper blue portion, XRP previously attempted to break above the ascending channel in July 2023, reaching a high of $0.93. Interestingly, the analyst observed that the crypto asset has formed a W pattern since this attempt. This pattern comprises the initial rise to $0.93, followed by the decline into the lower yellow portion, and potentially a subsequent climb to form the second half of the W.
According to EGRAG CRYPTO’s analysis, this potential upswing could propel XRP above the $1 mark. He provides two predictions, with the logarithmic projections suggesting a potential rise to $1.25, with further upside towards $1.3. His non-logarithmic projection sets a target range between $1 and $1.10.
These targets are much higher than XRP’s current price of $0.5215. However, another notable analyst recently declared that XRP is ready for an upswing. EGRAG CRYPTO stated that these targets are within reach, and added that his confidence is unwavering.
Follow us on Twitter, Facebook, Telegram, and Google News
