EGRAG, a crypto market analyst, has set a target of $7.5 for XRP after breaking out of a multi-month symmetrical triangle pattern. This analysis covers XRP’s price movements from mid-2020 to the present day. The data from EGRAG’s chart shows that XRP has been trading within a large symmetrical triangle labeled in yellow since 2020, with lower highs and higher lows observed since its decline from the high of $1.96 in April 2021.
The symmetrical triangle pattern features two converging trendlines, with the upper descending trendline referred to as the “genuine wake-up line” and the lower ascending trendline as the “atlas line.” While the genuine wake-up line has acted as resistance to any price surges, the atlas line has provided support.
Interestingly, following 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 downtrend since the peak in July 2023 and dropping below the psychological support level of $0.50, 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 a bold price 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 if XRP surpasses this level and closes above Fib. 1.618 on a weekly basis, it could reach the Fib. 2.414 and 2.618 zones, potentially leading to mid-double digit prices between $25 and $45.
While these targets may seem ambitious to some, EGRAG remains optimistic about XRP’s future trajectory, citing potential developments such as the XRP ETF, upcoming stablecoin, and the growing XRPL DeFi ecosystem as catalysts for price growth. Despite currently trading at $0.4815 with a 3.7% drop over the past 24 hours, XRP’s relative strength index (RSI) sits at 32, indicating a potential oversold condition. A further drop below 30 could signal a price reversal.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. The opinions expressed are solely those of the author and do not necessarily reflect the views of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic holds no responsibility for any financial losses incurred.
