EGRAG, a well-known crypto analyst, has made a bold prediction about the future of XRP, stating that it may experience a significant surge of 182% in the coming weeks and reclaim its $1.5 price.
This analysis comes at a time when the crypto market is experiencing a resurgence of bullish momentum, although XRP is currently lagging behind. Currently, XRP is trading at $0.531, showing minimal gains over the past day and week.
EGRAG has expressed his confidence in XRP’s ability to break through price thresholds that haven’t been seen in months. In his analysis, he focused on the symmetrical triangle formations seen on XRP’s historical chart, particularly the triangle formed by the most recent price actions.
The apex of this triangle corresponds to XRP’s peak in July 2023, reaching $0.93, while the base aligns with the dip to the $0.4 range. Based on this formation, EGRAG outlined two possible scenarios that may occur once XRP breaks out of its downtrend. The first scenario is the most optimistic short-term projection.
In this case, EGRAG predicts a “measured move” that would drive XRP to break out targets ranging from $1.2 to $1.5. With XRP currently at $0.531, this analysis suggests a potential price increase of 182% in the near future.
EGRAG also noted that XRP’s rally back into the $0.7 to $0.75 channel would confirm the breakout target of $1.5. He firmly believes that this breakout will occur in the next few weeks.
However, the analyst did acknowledge the possibility of a retest of the breakout level, which could lead to a dip or additional resistance before the anticipated surge. Nevertheless, he maintains his belief in a significant rally for XRP, reaffirming his double-digit price target.
Moving on to the second scenario, EGRAG considered the bottom prices that XRP has established over the past ten months. He points out that XRP has shown resilience during this period. In this scenario, he identifies $0.577 as the critical resistance level that XRP needs to overcome, with $0.5 serving as crucial support. The breakout point in this case is set at $0.6799.
It’s worth noting that EGRAG’s latest update is in line with his ongoing analysis of XRP, which 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 broader triangle formation suggests an even more ambitious price range for XRP, ranging from $5.89 to $7.5.
It’s important to note that this content is purely informational and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect those of The Crypto Basic. Readers are strongly advised to conduct thorough research before making any investment decisions, as The Crypto Basic is not responsible for any financial losses incurred.
