Renowned market expert EGRAG has put forth a bold prediction regarding XRP, suggesting that its value could potentially soar to a range between $50 and $200 during its upcoming triangle consolidation phase.
EGRAG’s recent analysis comes as XRP has been experiencing a downward trend, causing concern and maintaining a pessimistic sentiment among market participants. It is worth noting that XRP is currently trading below the crucial psychological level of $0.50, which had previously provided support during the market’s decline.
Despite a brief uptick to $0.50 following an unexpected surge in prices, XRP quickly fell back due to renewed bearish pressure in the market, leading Bitcoin (BTC) to drop below $65,000 for the first time in almost a month. As a result of this broader market decline, the global cryptocurrency market cap has decreased by 2.3% over the last 24 hours.
Interestingly, XRP is the only asset among the top 20 cryptocurrencies to have experienced a price increase in the last 24 hours, albeit a modest gain of 0.6%. Given the current market conditions, EGRAG anticipates that XRP will continue to outperform in the near future, drawing insights from a 2-month chart.
Analyzing XRP’s historical triangle consolidation patterns, EGRAG highlighted the significant price movements within a symmetrical triangle that has been forming since the 2018 cycle, following XRP’s all-time high of $3.31 in January 2018. Despite several fluctuations, XRP has failed to break out of the boundaries of this triangle consolidation.
EGRAG refers to this phenomenon as the second triangle consolidation in XRP’s history, with the previous one occurring after a 914% surge in mid-2017. The market analyst now foresees XRP entering a third triangle consolidation, projecting a potential spike of 914% similar to what was observed in mid-2017.
Looking ahead, EGRAG predicts that XRP could target a price range between $50 and $200 during this third triangle consolidation phase, drawing parallels to the 2017/2018 cycle. This optimistic outlook suggests significant gains for XRP, with the potential for substantial growth from its current price of $0.4937.
It is important to note that this content 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 solely those of the author and do not necessarily reflect the views of The Crypto Basic. The Crypto Basic does not assume responsibility for any financial losses incurred.
