EGRAG, a prominent analyst, believes that XRP could reach $5.89 much sooner than the community expects. In a recent post on X, EGRAG shared his insights on XRP’s outlook, focusing on the historical chart. He identified an ascending trendline called the “ATLAS LINE,” which has remained true since March 2020.
The ATLAS LINE intersects with the lowest price points of XRP over the past four years, and each intersection has been followed by a significant bullish run for XRP. EGRAG has identified nine occurrences of this pattern since March 2020, with January 4, 2021, being a prime example. After crashing to $0.226, XRP experienced a lasting uptrend that propelled its price to $1.96 by April 2021.
EGRAG has marked these occurrences with yellow circles on his chart, forming an ascending parallel pattern. This pattern aligns with a descending parallel called the “final wake-up line,” creating a large triangular configuration on XRP’s chart, shaded in blue by EGRAG.
According to EGRAG, the breakout from the blue triangle’s measured move could drive XRP’s price to $5.89. He arrived at this price target by measuring the width of the triangle formed by the intersecting ATLAS and “final wake-up” lines. With XRP currently trading at $0.505, EGRAG suggests a potential 1,066% increase in value.
EGRAG’s analysis also considers a smaller triangle pattern illustrated in white on his chart. If XRP breaks out to the upside from this smaller triangle, the measured move target would be $1.5. EGRAG believes that reaching $1.5 could signal the start of a significant macro breakout for XRP, with the possibility of even higher prices.
However, while EGRAG remains confident in XRP’s potential, some community members are losing faith in the optimism. They argue that XRP should aim for a more immediate and modest price target of $0.589 before setting their sights on $5.89.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s opinions and do not reflect the opinion of The Crypto Basic. Readers should conduct their own research before making any investment decisions, and The Crypto Basic is not responsible for any financial losses.