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XRP price has yet to start an upward trajectory but many cryptocurrency analysts Keep on trending up.Among these analysts is EGRAG Crypto, a well-known figure in the crypto community for his consistently bullish view on XRP.
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In a detailed analysis recently published on social media platform X, EGRAG expressed his belief that XRP’s prolonged trading period below the $1 level could soon be coming to an end. His technical analysis reveals the potential for a sustained bullish price movement. According to EGRAG, XRP appears to be on the verge of a major rally that could push the price to the $7.5 target, provided it successfully breaks out of the well-defined resistance trend line.
Analyst expects XRP price to rise to $7.5
EGRAG analysis is revealed through the weekly chart of XRP/TetherUS with price action since June 2019. Interestingly, the technical analysis of the chart reveals two trends: Triangle price patternsone inside the other. The smaller triangle (white) is made up of XRP’s price action over the past year since June 2023.
This smaller white triangle is surrounded by a larger yellow triangle, which has been developing since June 2020, after a significant price surge. It is worth noting that the price of XRP has been confined between these triangles over the years. This has led to XRP reaching a critical juncture, with the current price action showing extreme pressure within the boundaries of this triangle.
EGRAG referred to the upper trendline of these triangles as the “true wake-up line.” This trendline is seen as a key resistance level that could determine whether XRP will break out into a major bullish run or continue its consolidation. XRP is currently trading within the limited range of the white triangle, with the price hovering around $0.60.
The catalyst
EGRAG asserts that a weekly close above $0.64 could be the catalyst needed to test the “true wake line,” which is located between $0.70 and $0.75. As such, the primary goal for XRP bulls now is to ensure that the cryptocurrency breaks the “true wake line,” as doing so would lead to a strong rally.
#XRP Original wake up line (update):
Nothing has changed – same attitude, same goals! 🎯
A white triangle is forming ⬜️, capturing the 2021 highs. Enter the yellow “true wake line”, indicating the next big move!
Atlas Line Update:
Yes, it was the “Atlas Line”… https://t.co/9eQlnnFM13 pic.twitter.com/oY4H8i90sg— EGRAG CRYPTO (@egragcrypto) August 23, 2024
In terms of price targets, EGRAG has an ambitious target of $1.5. If XRP continues to rise beyond this point, a more explosive move is expected, with EGRAG predicting a rise towards the 1.618 Fib level. Notably, this is in line with the $7.5 price target from the larger yellow triangle.
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At the time of writing, XRP is trading at $0.60. To reach the $1.5 target, the price must You will need to increase 150%. Reaching $7.5 would require a 1150% higher rise from its current level.
Featured image by Pexels, chart by TradingView
