A recent analysis by EGRAG CRYPTO (@egragcrypto), a prominent analyst in the cryptocurrency space, suggests a potential bull run for XRP. The analyst employed technical analysis methods commonly used to predict future price movements, and he showed multiple reasons why an XRP breakout is imminent.
EGRAG CRYPTO pointed to a multi-year ascending trendline for XRP, combined with a more recent ascending triangle forming on the monthly time frame. Ascending triangles are generally considered bullish continuation patterns, indicating a potential price surge after consolidation.
#XRP: The Life-Changing Triangle! ($17 or $27)
Even without being a TA expert, one look at the Ascending Triangle on the monthly timeframe screams #Bullish! 📈
It's time to play smart, rotate those profits into #XRP, accumulate more, and then just sit back and wait for the… pic.twitter.com/lWUwHgrFMC
— EGRAG CRYPTO (@egragcrypto) April 8, 2024
Read Also: Top Analyst Shows XRP Price Path To $1.3, Citing Emergence of Bullish Pattern
XRP’s Multi-Year Ascending Trendline
The multi-year ascending trendline for XRP highlights a long-term uptrend, where price support has been increasing over time. This suggests a potential underlying bullish bias for XRP as investors show more faith in the digital asset.
Although other prominent analysts have pointed to different trendlines predicting an XRP surge, EGRAG CRYPTO’s ascending trendline is a unique analysis, and he highlighted the triangle that formed due to the ascending trendline.
Ascending Triangle on the Monthly Time Frame
The ascending triangle on the monthly time frame is a more recent technical indicator. Ascending triangles form when an asset’s price meets resistance at a horizontal level and finds support at an ascending trendline. This price action can be interpreted as a consolidation phase, where buyers and sellers battle for control.
EGRAG CRYPTO highlighted a trendline that formed after XRP’s all-time high of $3.84 in January 2018, and the chart shows XRP has been recording higher lows since the correction that followed its all-time high.
EGRAG CRYPTO suggests that the measured move of the ascending triangle could potentially push XRP’s price to either $17 or $27.
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— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Says $10 or $27 on the Cards for XRP with its Current Bullish Position. Here’s the Timeline
Important Considerations
While technical analysis can provide valuable insights, it is crucial to consider other factors that can influence XRP’s price. These factors include overall market sentiment towards cryptocurrencies, which can significantly impact the price of XRP.
If the broader cryptocurrency market experiences a bull run, XRP is more likely to benefit. Other important factors are the end of the XRP lawsuit and Ripple’s progress with projects like its On-Demand Liquidity (ODL) service.
Through this analysis, EGRAG CRYPTO reiterated his targets of $17 and $27. The analyst is confident in the future of the digital asset, and many analysts and investors share this sentiment. 2024 could finally see the end of XRP’s underperformance, as many analysts believe a massive bull run is coming.
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