Despite the prevailing market-wide dump in crypto prices triggered by the lawsuits filed against top exchanges Binance and Coinbase earlier this week, XRP seems to be forming a bullish pattern according to a renowned technical analyst.
Egrag, a closely followed chartist, has taken to Twitter to drop a bullish outlook on the sixth-largest crypto asset by market capitalization for the coming weeks or months. This time around, the technical analyst noted that the XRP price is heading towards the $5.5 and $6.4 range which he labeled as the Twilight Zone.
Read Also: Wall Street Veteran: Ripple IPO Could Surpass 20x Valuation, Propelling Price to $600 per Share
As per the analysis shared on Monday, XRP is edging closer to this twilight zone having formed a bullish ‘W’ formation on its price chart.
According to Egrag, a breakout above this W formation would send XRP price to an ultimate target of $6.4. If this happens, it would represent an increase of 1,089.15% from $0.5382 — XRP value at the time of analysis.
However, XRP would have to break the initial resistances seen as $0.8 and $1 as shown on the published chart. Alongside the chart, Egrag wrote, “XRP is nearing the twilight zone with a ‘W’ Formation. The non-logarithmic ‘W’ Formation measured target is between 0.75-0.85c. The Log-logarithmic ‘W’ Formation measured target is between $1.00 – $1.20. The Symmetrical Triangle full send Break-Out target is around $5.5. The Fib 1.618 target is at $6.4.”
#XRP Twilight Zone ($5.5 to $6.4):#XRP is nearing the twilight zone with a 'W' Formation.
A) The Non-logarithmic 'W' Formation measured target is between 0.75-0.85c.
B) The Log-logarithmic 'W' Formation measured target is between $1.00-$1.20.
C)The Symmetrical Triangle… pic.twitter.com/S5GT6o2KIf
— EGRAG CRYPTO (@egragcrypto) June 5, 2023
In addition, the top analyst urged XRP investors to pay attention to happenings in the broader crypto community, predicting that an ultimate shakeout or price correction could happen with XRP. As predicted by him, this correction could cause the XRP price to plunge to its previous low of $0.3791.
Read Also: XRP Sees $2.6 Billion Inflows in Just a Week As Investors Favor Ripple in SEC Lawsuit
He wrote, “I believe it’s important to remain alert and aware of the possibility of a downturn in the market. We should always be on the lookout for unexpected events or fake-outs that could affect our investments. In my opinion, the Ultimate Shake Out could potentially retest the lows we saw in June, with a possibility of some minor fluctuations below that level. Therefore, it’s crucial to remain vigilant and keep a close eye on the market movements.”
As published, Egrag noted that XRP below $1 is a life-changing opportunity, citing that the asset could moon as high as $27 by the end of the year if the SEC case against Ripple ends with a verdict that the crypto asset is a non-security.
Follow us on Twitter, Facebook, Telegram, and Google News
