EGRAG, a crypto market analyst, has set a target of $7.5 for XRP following a breakout from a multi-month symmetrical triangle. This prediction was made after analyzing XRP’s price action from mid-2020 until now. The chart data confirms that XRP has been trading within a symmetrical triangle labeled in yellow since 2020, with lower highs and higher lows observed since it dropped from a high of $1.96 in April 2021.
The symmetrical triangle typically consists of two converging trendlines. EGRAG highlighted these trendlines, naming the upper descending trendline as the “genuine wake up line” and the lower ascending triangle as the “atlas line.” While the genuine wake up line has been a barrier to price movements, the atlas line has provided support.
After a retest of the genuine wake up line during a spike to $0.93 in July, XRP formed a smaller white-labeled symmetrical triangle within the larger yellow-labeled one. Despite facing a correction and dropping below the $0.50 support level due to market fluctuations, EGRAG anticipates a breakout from the white-labeled triangle soon, with an initial target of $1.5 for XRP post-breakout.
Looking further ahead, EGRAG has set an ambitious target of $7.5 for XRP, representing a significant 1,457% increase from its current price. This target aligns with the Fibonacci 1.618 zone, considered a critical level between $6.5 and $7.5. EGRAG believes that XRP could surpass this target and reach even higher levels if it closes above the Fib. 1.618 level.
Despite skepticism from some investors, EGRAG remains confident in XRP’s potential, citing factors such as the XRP ETF, upcoming stablecoin, and the growing XRPL DeFi ecosystem as catalysts for price growth. Currently, XRP is trading at $0.4815, facing volatility below the $0.50 level. The relative strength index (RSI) indicates potential oversold conditions, with a drop below 30 signaling a possible price reversal.
Please note that this article is for informational purposes only and should not be construed as financial advice. Readers are advised to conduct their own research before making any investment decisions. The opinions expressed in this article are those of the author and do not necessarily reflect those of The Crypto Basic.