XRP, the sixth-largest cryptocurrency by market cap, is on track for a massive pump in the coming weeks despite staying down in the past weeks, a high-ranking technical analyst implied.
According to Egrag, a seeming XRP permabull, the embattled crypto asset would stun the crypto market with a whopping 640% price surge, taking its price to the $3.3 level. The widely followed TA guru shared this bullish sentiment on Tuesday, showing the current major resistance zone on the 5-day XRP/ USDT chart, which he called the “Pandora Box.”
Pandora Box in this context represents the XRP price range of $0.55 – $0.677. The analyst stressed that XRP staging the predicted 640% rally is dependent on its ability to surpass this critical price range.
Going further, Egrag expressed confidence that the XRP price would move as simulated despite the prevailing negative fundamental factors including the verbal attack on the XRP community and the ongoing Ripple-SEC case where the Securities Commission say XRP is a security.
“I have copied the movement of #XRP from 2020 to 2021 when it broke the falling wedge and placed it to the current market price. It was amazing that it is respecting some Key-Price targets. This movement will Pump XRP to $3.3,” he wrote, sharing the corresponding chart.
#XRP Pandora's Box:
Movement Simulation:
I have copied the movement of #XRP from 2020 to 2021 when it broke the Falling Wedge & Placed it to the current market price. It was amazing that it is respecting some Key-Price targets.This movement will Pump #XRP to $3.3… pic.twitter.com/0nB2wbcowC
— EGRAG CRYPTO (@egragcrypto) May 11, 2023
Per the chart, XRP suffered a straight one-year decline from July 2018 to July 2020 and this price action formed a falling wedge on the chart. A breakout from bearish formation came in July 2020, which resulted in the XRP price sprinting to the $1.84 level in April 2021.
Again, the bears began to dump their assets. Coupled with the XRP lawsuit which began in December 2022, XRP entered into another downtrend which has spanned till the time of writing. Given the similarities between the 2018-2021 falling wedge formation on the XRP chart with the prevailing one, Egrag expects a similar breakout to play out. Hence, the $3.3 XRP price prediction he submitted on Tuesday. Notably, this is synonymous with Peter Brandt’s forecast.
At the time of writing, XRP is trading below $0.55 (Pandora Box base). The analyst suggested that it could fall lower to the $0.28 zone if the selling pressure increases.
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