The renowned crypto analyst, EGRAG, has made a bold prediction about the future of XRP, suggesting that it may experience a significant surge of 182% in the coming weeks, potentially reclaiming the $1.5 price mark.
This analysis comes at a time when bullish momentum is making a comeback in the crypto market, although XRP is currently trailing behind. Presently, XRP is trading at $0.531, with minimal gains observed over the past day and week.
EGRAG, however, remains confident that XRP will surpass the price thresholds it hasn’t seen in months. In his update, the analyst carefully analyzed the symmetrical triangle formations on XRP’s historical chart, specifically focusing on the triangle formed by the most recent price actions.
It is worth noting that the apex of this triangle corresponds to XRP’s peak in July 2023, reaching $0.93, while its base aligns with the dip to the $0.4 range. Based on this formation, EGRAG outlined two possible scenarios that may unfold following a breakout from the current downtrend. The first scenario presents his most optimistic short-term projection.
In this case, EGRAG predicts a “measured move” that would push XRP to break out targets ranging between $1.2 and $1.5. Considering XRP’s current value of $0.531, this analysis suggests a potential price increase of 182% in the near future.
Furthermore, the analyst emphasized that XRP’s rally back into the $0.7 to $0.75 range will serve as confirmation for the breakout towards the $1.5 target. EGRAG firmly believes that this projected breakout will occur within the next few weeks.
However, EGRAG acknowledges the possibility of a retest of the breakout level, implying that XRP might experience a dip or encounter additional resistance before the anticipated surge. Nevertheless, he maintains his conviction that a significant rally for XRP is on the horizon, reaffirming his double-digit price target.
Moving on to the second scenario that could arise from the symmetrical triangle formation, EGRAG takes into account the bottom prices that XRP has established over the past ten months. According to him, XRP has shown resilience and has held strong during this period.
In this scenario, the analyst identifies $0.577 as the critical resistance level that XRP must surpass. While the $0.5 mark is crucial support, he highlights $0.6799 as the breakout point.
It is important to note that EGRAG’s latest update aligns with his ongoing analysis of XRP under what he refers to as the “genuine wake-up line.” While he sets an optimistic target of $1.5 based on the recent symmetrical triangle, his analysis of the larger triangle formation suggests an even more ambitious price range for XRP, ranging from $5.89 to $7.5.
Disclaimer: This content is provided for informational purposes only and should not be considered financial advice. The views expressed in this article are solely the author’s personal opinions and do not reflect the opinions of The Crypto Basic. Readers are advised to conduct thorough research before making any investment decisions, as The Crypto Basic will not be held responsible for any financial losses incurred.
