The price of XRP has not yet entered the upward trend, but many cryptocurrency analysts keep being bullishAmong these analysts is EGRAG Crypto, a figure well-known in the cryptocurrency community for his consistently ultra-bullish outlook on XRP.
In a recent detailed analysis shared on social media platform X, EGRAG expressed his belief that XRP’s extended period of trading below the $1 level may soon come to an end. His technical analysis reveals the potential for a sustained upside in price. According to EGRAG, XRP appears to be on the verge of a major bull run that could propel the price towards the $7.50 target, provided it manages to break through the clearly defined resistance trendline.
Analyst predicts XRP growth to $7.5
The EGRAG analysis was revealed via the weekly XRP/TetherUS chart, whose price movement dates back to June 2019. Interestingly, the technical analysis of the chart reveals two Triangular Pricing Patternsone inside the other. The smaller (white) triangle is formed from XRP price action over the past year as of June 2023.
This smaller white triangle is surrounded by a larger yellow triangle that has been developing since June 2020 after a significant bullish rally. Interestingly, XRP price has been restricted between these triangles over the years. This has brought XRP to a critical juncture, and the current price action is showing extreme compression within these triangles.
EGRAG has identified the upper trendline of these triangles as the “true awakening line.” This trendline is considered a key resistance level that could determine whether XRP will break out into a significant bull run or continue to consolidate. XRP is currently trading within a circumscribed white triangle range, with the price hovering around $0.60.
Catalyst
EGRAG emphasizes that a weekly close above $0.64 could be the catalyst needed to test the “true awakening line” that lies between $0.70 and $0.75. As such, the primary goal for XRP bulls now is to ensure that the cryptocurrency breaks through the “true awakening line” as this would trigger a powerful rally.
#XRP Original Wake-Up Line (UPDATED):
NOTHING HAS CHANGED – SAME ATTITUDE, SAME GOALS! 🎯
A white triangle ⬜️ is forming, encompassing the 2021 highs. A “Real Wake-up Line” appears in yellow, signaling another huge move!
Atlas Line Update:
Yes, the Atlas Line was… https://t.co/9eQlnnFM13 photo: twitter.com/oY4H8i90sg— EGRAG CRYPTO (@egragcrypto) August 23, 2024
In terms of price targets, EGRAG has predicted an ambitious target of $1.5. If XRP continues to gain above this point, a more explosive move is expected, with EGRAG predicting a rally towards the 1.618 Fibonacci level. Interestingly, this corresponds with the $7.5 price target of the larger yellow triangle.
At the time of writing, XRP is trading at $0.60. In order to reach the $1.50 target, the price would have to enhance by 150%. Reaching $7.50 would require a greater enhance of 1,150% from the current level.
Featured image from Pexels, chart from TradingView
