The worth of XRP is yet to embark on a bullish trajectory but many crypto analysts proceed to stay bullish. Amongst these analysts is EGRAG Crypto, a figure well-known within the crypto community for his consistently ultra-bullish perspective on XRP.
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In a recent detailed evaluation shared on the social media platform X, EGRAG expressed his belief that XRP’s prolonged period of trading under the $1 mark might soon be coming to an end. His technical evaluation reveals the potential for a sustained upward price movement. Based on EGRAG, XRP appears to be getting ready to a serious bull rally that would propel the worth to a goal of $7.5, provided it successfully breaks out of a well-defined resistance trendline.
Analyst Predicts XRP Rally To $7.5
EGRAG’s evaluation was made known through an XRP/TetherUS weekly chart with price motion going way back to June 2019. Interestingly, the chart’s technical evaluation reveals two triangular price patterns, one inside one other. The smaller (white) triangle is formed with XRP’s price motion previously yr since June 2023.
Encapsulating this smaller white triangle is a bigger yellow triangle, which has been developing since June 2020, following a notable bullish rally. Notably, the worth of XRP has been constricted between these triangles over time. This has brought XRP to a critical juncture, with the present price motion showing extreme compression inside these triangular boundaries.
EGRAG identified the upper trendline of those triangles because the “Real Wake-Up Line.” This trendline is seen as a key resistance level that would determine whether XRP breaks out into a big bullish run or continues its consolidation. XRP is currently trading inside the confined range of the white triangle, with the worth hovering around $0.60.
XRP is currently trading at $0.60. Chart: TradingView
The Catalyst
EGRAG emphasizes that a weekly close above $0.64 could possibly be the catalyst needed to check the “Real Wake-Up Line,” which is positioned between $0.70 and $0.75. As such, the first objective of XRP bulls now’s to make sure that the crypto smashes through the “Real Wake-Up Line” as doing so would trigger a robust rally.
#XRP Real Wake-Up Line (UPDATE):
NOTHING HAS CHANGED – SAME STANCE, SAME TARGETS! 🎯
A white Triangle ⬜️ is forming, capturing the highs from 2021. Enter the “Real Wake-Up Line” in yellow, signaling the following big move!
Atlas Line Update:
Yes, the “Atlas Line” was… https://t.co/9eQlnnFM13 pic.twitter.com/oY4H8i90sg
— EGRAG CRYPTO (@egragcrypto) August 23, 2024
By way of price targets, EGRAG predicted an ambitious goal of $1.5. If XRP continues to rally beyond this point, a more explosive move is anticipated, with EGRAG predicting a surge toward the 1.618 Fibonacci level. Notably, this corresponds with a price goal of $7.5 from the larger yellow triangle.
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On the time of writing, XRP is trading at $0.60. To achieve the goal of $1.5, the worth would wish to extend by 150%. Hitting $7.5 would require a much bigger 1,150% surge from its current level.
Featured image from Pexels, chart from TradingView