Citing historical trends and other vital market indications, renowned crypto chartist Egrag Crypto has taken to his verified X handle to point at a potential XRP price ascent to the $2 price level.
In addition, Egrag studied XRP price movement over four months, and by displaying a chart for the said period, the crypto analyst observed two different and unique descending channels with significant interpretation.
Read Also: Chartist Forecasts Rise in XRP Market Dominance, Spots Major Buying Zone: Details
Significance of $2 Price Level
The $2 price level has always been the center of most historical trends in XRP’s price movements. Egrag noted that it is safe to envisage the price mark as a psychological constraint that traders must always watch out for.
Highlighting several instances where the $2 price mark seemed to have shown its significance, Egrag noted that in January 2018, XRP scuffed the said price level even though it eventually went on to achieve an all-time high price of $3.31.
In addition, the crypto chartist cited another scenario that played out in April 2021 when XRP nearly attained the $2 valuation as it struck $1.96.
The Descending Channels – Possible Implications
As earlier stated, two descending channels were observed over a four-month XRP chart. What do these charts imply? According to Egrag, the first descending channel dated back to January 2018 after the attainment of an XRP ATH price level. The descending channel came about as the price declines that accompanied the ATH.
The second descending channel appeared as a result of the price declines that accompanied XRP’s surge to the $1.96 price level in April 2021.
Bearing the above in mind, Egrag asserted that XRP is on the verge of a similar bull run that would spike it to the $2 price level, a remarkable 277.4% increase from its current $0.53 price level.
#XRP Descending Channel – Target $2:
— EGRAG CRYPTO (@egragcrypto) September 28, 2023
This analysis is set on a 4-month time frame, giving us a broader perspective.
The $2 price level holds significant importance as it aligns with key historical points:
✨ Back in January 2018, it marked the peak of the Body Candle 🕯️
✨… https://t.co/xCXt0GF6IL pic.twitter.com/DFkriT2pCF
Read Also: XRP Hits Correction Target Zone, Analyst Foresees $3.47 Price. Here’s His Chart
Revisiting Egrag’s Two Trading Zones For XRP
Per one of his previous analyses, the crypto analyst had divided two trading zones for XRP, which seemed to be connected with his recent estimation. Egrag tagged these two zones as “Zone A” and “Zone B.”
According to the crypto chartist, XRP appears to be in Zone B, as Zone A was said to have lasted between 2013 and 2017. He noted that should the new analysis play out, XRP would most likely exceed expectations in Zone B, which could usher the digital asset into a new era of impressive price growth.
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