Renowned XRP enthusiast and market analyst Egrag Crypto recently took to his verified X handle to include an update on one of his previous posts about the XRP supply and demand zone.
Egrag’s latest analysis spotlighted the XRP price movement formation of a mini ascending triangle (Mini AT) with price targets projected between $1.3 and $1.5. He also noted that following the establishment of the Mini AT, a mega ascending triangle (Mega AT) appears imminent.
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Mini AT Formation Elicited By Judge Torres Ruling In July
Worthy of mention is the fact that Egrag predicted the appearance of the Mini AT in June, and it eventually played out in July, following Judge Torres’s summary ruling, which saw XRP surge by more than 90%.
The Mini AT formation was accompanied by a correction that saw XRP forfeit most profits accumulated during its price spike in July. Following the drops in value, XRP has since broken below the structural formation resistance pegged between $0.5400 and $0.5858.
Mega AT Imminent – Timeline
Citing historical XRP price movements, Egrag seemed confident about an impending Mega AT appearance. According to the crypto chartist, XRP replicated a similar pattern in 2021, adding that with the Mega AT formation, a higher price target could be said to be more imminent.
Also, Egrag noted that with the Mega AT attainment, XRP could surge to an average price high of $1.4. He added that the value could range between $1.3 and $1.5.
Meanwhile, the last time XRP attained a $1.4 price level was in 2021, and Egrag expects a recurrence this year. It is left to see how events unfold.
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XRP Must Circumvent These Hindrances To Form The Mega AT
In his analysis, Egrag highlighted some significant factors that could hinder XRP’s achievement of the Mega AT formation. Per Egrag, these obstacles include the new supply zone and structural and psychological zone.
The new supply zone which represents the first resistance level, was pegged between $0.75 and $0.87. Attaining the Mega AT involves breaking through these resistance points and flipping the digital asset into demand.
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Flipping past the above supply zone will usher in a new structural and psychological zone at $0.87 to $1. XRP must also break through these zones for Mega AT to play out.
It is worth noting that XRP converted the previous supply zone into demand before eventually creating the Mini AT. It is equally anticipated that a similar conversion process will play out before the Mega AT formation.
At the time of writing, XRP is worth approximately $0.49 with a market capitalization of $26,304,130,364 and a 24-hour trading volume of $548,331,924.
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