EGRAG, a market expert, has an optimistic outlook for XRP, predicting that it could soar to either $8 or $27. This forecast is attributed to the formation of a quarterly hammer candlestick pattern. Despite sustained bearish conditions and XRP’s loss of the $0.49 price territory to ongoing market turbulence, EGRAG’s positive perspective remains unchanged.
Notably,GRAG focuses on technical indicators and highlights the significance of a hammer candlestick pattern onRP’s 3-month chart. This bullish reversal pattern occurs after a downtrend and potential upward price movement by suggesting that buyers have stepped in despite selling pressure.
According toGRAG, XRP has only formed this hammer candlestick pattern twice since its inceptionfrom April to June 2016 and from July to September 2017–and both instances were followed by substantial price.
The analyst suggests that XRP is on the verge of forming another hammer candlestick in the 3-month timeframe if it secures a close above the $0.55 to $0.58 range for current 3-month candle.
EGRAG states that investors should closely monitor XRP’s price movements as its closing for this month could determine its direction for the rest of the year. If XRP another hammer candlestick, it could see significant gains akin to those experienced after previous formations: either rising 1,744% to $8 or surging 5,500%to reach $.
EGRAG emphasizes that with this trajectory toward reaching $27, it anticipates fluctuations in prices before eventually achieving its target.