As XRP Giant Cup Forms, Analyst States Crucial Resistance Level for Bullish Continuation

XRP is on the cusp of an exciting breakthrough, as noted by prominent analyst EGRAG CRYPTO (@egragcrypto), who sees the potential for a major bull run once XRP breaches the critical $1.20 price point.

This point marks the top of the descending trendline he calls the “stratosphere.” In his recent analysis, EGRAG points out the formation of a “Giant Cup,” a pattern characterized by a curved line and a descending trendline.

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The Giant Cup Formation

The Giant Cup began in January 2018, when XRP dropped from its all-time high. This period saw a drop in XRP’s 2-week candlestick, forming the base of the cup. Simultaneously, the descending trendline (stratosphere) emerged, which XRP has been trading under since 2018, creating the cover of this giant cup.

XRP attempted to breach the stratosphere in April 2021 when it surged to $1.96. However, it encountered resistance, and the decline that followed created another downward trendline, which the analyst marked as the “final wake-up line,” positioned below the stratosphere line.

Although XRP is still below the stratosphere, it broke through the final wake-up line in July of this year after a monumental surge to $0.93.

Can XRP Cross the Stratosphere?

The stratosphere, which currently sits at $1.20. Positioned at the Fibonacci 0.702 level, the stratosphere is the last significant resistance that XRP needs to overcome for its bull run to commence. XRP’s struggle to breach the stratosphere has kept it within the confines of the giant cup formation.

The analyst stated, “Our GATEWAY to Valhalla lies within the harmonious confluence circle between the STRATOSPHERE and FIB 0.702!” He marked the “Valhalla GateWay” on his chart, which could send XRP to a realm of explosive price gains.

Read Also: Analyst Who Predicted Current XRP Price Breakout Shares Insights on What Lies Ahead

In a previous analysis, EGRAG CRYPTO highlighted that XRP had crossed the 21 EMA, and this performance fueled his prediction of a surge to $5.5. This prediction also has a short-term target of $1.3, which will send XRP past the stratosphere. However, the analyst sees a brighter future for XRP, describing Valhalla as $7 and above.

XRP’s journey towards Valhalla and the breaking of the giant cup formation promises to be an exciting one. EGRAG CRYPTO’s insights highlight the significance of crossing the stratosphere and the Fibonacci levels, offering XRP the potential for substantial gains. At the time of writing XRP is trading at $0.6708, up 2.39% in 24 hours.

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