XRP has recently attracted the attention of market analysts, with one prominent analyst setting a bold target of $0.70, which would lead to higher prices such as $70, $700, and so on.
EGRAG CRYPTO (@egragcrypto), a well-respected analyst in the cryptocurrency space, believes XRP could surge towards $0.70 in the short-term, citing the potential formation of an inverse head and shoulders (H&S) pattern on the 4-hour chart.
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Analyzing XRP’s Price Action
EGRAG CRYPTO’s analysis suggests that XRP’s recent price action, which saw it break above the $0.62 mark, could signal the start of a sustained upward trend. Following an initial surge, XRP had been trading within a descending channel since early November, and its breakout above this channel is a significant technical development.
However, EGRAG CRYPTO cautions that a retest of the descending channel’s upper trendline is still possible before a definitive breakout occurs. This retest would help XRP solidify its position and form the right shoulder of the inverse H&S pattern.
Inverse H&S Pattern
The inverse H&S pattern is a bullish reversal pattern that is typically formed following a downtrend. It consists of a lower low (the head) between two higher lows (the shoulders). A breakout above the neckline of the pattern is considered a confirmation of the bullish reversal.
EGRAG CRYPTO believes that XRP is on track to form an inverse H&S pattern, and a successful breakout above the neckline could propel the cryptocurrency toward the $0.7 price target.
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Reinforcing the Bullish Outlook
EGRAG CRYPTO’s bullish outlook is further reinforced by another recent analysis highlighting XRP’s positive price momentum. This analysis references a pre-established trajectory that the chartist had identified for XRP.
The analyst suggests that XRP is on track to invalidate this trajectory and could surge without dipping below the $0.52 support level, further reinforcing the bullish sentiment.
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Although EGRAG CRYPTO’s target is $0.7, he adds, “XRP Army STAY STEADY because in the Future Our targets will be $70, $700, and so on.” EGRAG CRYPTO’s analysis paints a promising picture for XRP’s future.
Although $700 might seem like a steep target, another analyst recently predicted a surge to $470 for XRP. All these bullish predictions point toward a massive surge in XRP’s future.
While there are potential hurdles to overcome in the short term, the cryptocurrency appears to be poised for a significant upward move in the coming months and years.
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