Egrag Crypto, a well-known technical analyst in the XRP community, recently shared an update regarding XRP’s 12-hour time frame.
In his latest post, he emphasized that the asset is still filling in an ascending triangle pattern that historically favors breakouts to the upside.
#XRP – 12 Hours TF UPDATE:
Nothing has changed still filling in the Ascending Triangle.
Historical data suggests that ascending triangles breaking out is as follows:
To the upside approximately 70-75% of the time.
To the downside occur around 25-30% of the time.… pic.twitter.com/E0FXevYE9d
— EGRAG CRYPTO (@egragcrypto) February 22, 2025
Key Insights from Egrag Crypto’s Analysis
The analyst pointed out that historical data indicates ascending triangles tend to break out in an upward direction approximately 70-75% of the time, while downward breakouts occur only 25-30% of the time. Based on this statistical pattern, Egrag Crypto expects XRP to revisit the $3.2 to $3.4 range.
The accompanying chart highlights key price levels, showing current support at $2.4700 and resistance levels at $2.7500, $3.2240, and $3.4000. On the downside, potential targets include $2.0000 and $1.6000.
Additionally, the chart outlines previous highs and price movements that align with the overall ascending triangle structure. The “Face Melting Phase” label suggests a significant price movement may be imminent once the resistance is breached.
Community Reactions and Technical Perspectives
The post sparked discussions among XRP enthusiasts, with several users sharing their views on the technical outlook.
One user, BuyTheDip, expressed skepticism about the predictability of price movements, stating: “I think it has a mind of its own! I do believe that TA has some credibility, especially with key resistance lines and so on, but in regards to the direction it goes, the market decides and does what it wants!”
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This comment reflects the broader sentiment in the cryptocurrency market, where technical analysis is useful but not an absolute predictor of price movements. External factors such as market sentiment, macroeconomic conditions, and regulatory developments also play a role in determining price trends.
Another user supported Egrag Crypto’s technical analysis, pointing out “The five-wave triangle ended at $2.50 and needs to break the top of the ascending triangle to move towards the pattern’s target, the $3.3 level.”
This perspective aligns with Elliott Wave Theory, which suggests that market movements often follow recognizable wave structures. If XRP breaks the upper boundary of the triangle, it could confirm the bullish outlook suggested by Egrag Crypto.
For traders and investors, the key levels to watch include the $2.4700 support level and the $2.7500 resistance. A confirmed breakout above resistance could lead to a push towards $3.2 and beyond, while a failure to break resistance may result in a retest of lower support zones.
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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