Top Analyst Shows XRP Price Path To $1.3, Citing Emergence of Bullish Pattern

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.

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.

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.

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