While the first quarter of 2024 witnessed impressive growth for Bitcoin and other major cryptocurrencies like Ethereum and Shiba Inu, XRP’s performance remained relatively subdued.
Closing the quarter with a modest 2.2% gain compared to BTC’s staggering 68% and ETH’s 59% appreciation, XRP’s price action has left some investors questioning its future trajectory.
Read Also: Analyst Shows XRP Is Gearing For 17,139% Rally To $107. Here Are Key Milestones
However, prominent market analysts like EGRAG CRYPTO (@egragcrypto) maintain a bullish outlook for XRP, citing technical indicators that suggest significant price increases are on the horizon.
#XRP Q1 Candle Closed:
Gate to Valhalla: Above 0.75c
Door of ValHell: Below 0.44c#XRPArmy STAY STEADY, Our path is clear, but remember to secure profits along the way if you are in need because i will do so 💪 pic.twitter.com/JqIM8LAEHf— EGRAG CRYPTO (@egragcrypto) April 1, 2024
XRP’s Symmetrical Triangle
EGRAG CRYPTO drew attention to a multi-year symmetrical triangle that XRP has been trading within since January 2018. This chart pattern suggests a prolonged period of consolidation, with prices oscillating between an upper and lower trendline.
XRP’s first attempt to break free from this pattern occurred in April 2021, with a surge towards $1.96. However, it encountered resistance at the upper trendline, halting its upward momentum. A similar scenario played out again in July 2023, where the price faced resistance at $0.93 following a surge caused by a historic court ruling in the XRP lawsuit.
Potential Breakout Scenarios
XRP’s position within the symmetrical triangle presents two potential breakout directions. A bearish scenario would involve a drop toward the lower trendline, potentially reaching a low of $0.44. EGRAG CRYPTO refers to this move as the Door to ValHell, signifying a potential decline if the bears overpower the bulls and push the price below the triangle’s support level.
On the other hand, a bullish breakout could occur if XRP surpasses the upper trendline, currently positioned at around $0.75. EGRAG CRYPTO terms this the Gate to Valhalla representing a potential surge toward higher-price territories.
We are on twitter, follow us to connect with us :- @TimesTabloid1
— TimesTabloid (@TimesTabloid1) July 15, 2023
Read Also: Analyst Shows XRP Is Gearing For 17,139% Rally To $107. Here Are Key Milestones
Further Bullish Targets and XRP’s Current Status
To bolster his bullish sentiment, the analyst conducted a separate analysis focusing on XRP’s monthly price movements. He emphasizes that a March closing price above the 21-day exponential moving average (EMA) would signify bullish strength, potentially paving the way for a rally toward $32. The analyst expects a 15x surge to $7.9, a 27x surge to $15.2, and the final 55x surge to $32.
Fortunately, XRP did manage to close above the 21-day EMA in March, aligning with EGRAG CRYPTO’s bullish prediction. However, the broader market correction has caused a temporary pullback. At the time of press, XRP is trading at $0.5901, down 2.86% in the past 24 hours.
While XRP’s Q1 performance paled compared to other major cryptocurrencies, technical analysis suggests the potential for significant price appreciation in the coming months. The analyst has also shown a potential path to $22 for XRP, bolstering the community’s bullish sentiment.
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