Crypto analyst Egrag Crypto recently shared an analysis of XRP’s price action in the 1-hour time frame, highlighting significant technical patterns and potential future movements.
In his latest post, he acknowledged an oversight in identifying an “M” pattern, a formation that signaled a price decline to $2.21. However, he also pointed out an emerging bullish formation—an ascending triangle—that could propel XRP toward a higher price target of $3.40.
#XRP – 1 Hour Time Frame (Did Anyone Notice⁉️)
I apologize for missing the 'M' Pattern that many in the #XRP TA analyst overlooked. If you caught it, let me know! 💬
🤔 Chart Bias
This shows how Chart Bias can lead to missed patterns. The price reached $1.77, but the 'M'… pic.twitter.com/uril0EFgWy— EGRAG CRYPTO (@egragcrypto) February 14, 2025
Missed “M” Pattern and Market Makers’ Influence
Egrag Crypto admitted that he overlooked the “M” pattern, which suggested a downward price movement. The pattern indicated a decline to approximately $2.21, aligning with how market makers often manipulate price action to trigger liquidations in leveraged positions.
Many traders focus on bullish signals, which can sometimes be in a bias that prevents recognition of bearish formations. In this case, the “M” pattern played out, leading to a significant price drop before stabilizing.
This observation serves as a reminder of the importance of objective technical analysis. Traders should always consider bullish and bearish scenarios to avoid being caught off guard by market movements.
Bullish Ascending Triangle Formation
Despite the recent price drop, Egrag Crypto now emphasizes a bullish pattern forming on the XRP chart—an ascending triangle. This technical setup is generally considered a continuation pattern, signaling that a breakout to the upside is likely if key resistance levels are breached.
The crucial level to watch is $2.75. If XRP closes above this price level, the probability of a sustained upward move increases. The breakout could lead to a rally toward higher resistance zones, potentially validating the ascending triangle pattern.
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Key Price Targets and Resistance Levels
Egrag Crypto has identified a major price target of $3.40. This level is significant because breaking above it could set the stage for a push toward new all-time highs. Here are the key levels outlined in his analysis: Support is at $2.21, $1.80, and $1.75, while resistance stands at $2.75, $2.94, $3.22, and $3.40.
The immediate focus remains on the $2.75 resistance. A confirmed breakout above this level would likely shift market sentiment to a more bullish outlook, encouraging further price appreciation.
As always, traders should approach these levels cautiously and consider risk management strategies. With market volatility remaining a factor, both bullish and bearish scenarios should be considered before trading decisions.
Disclaimer: This content is meant to inform 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. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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