Renowned crypto analyst EGRAG has given important information about XRP. He says that XRP is about to break out a Symmetrical Triangle pattern that has been forming for six years. Depending on when this occurs, the analyst suggests XRP could see a substantial price increase, reaching up $6 to $22.
XRP Breaking 6-Year Symmetrical Triangle
XRP, a digital asset with a rich history, is currently trapped within a symmetrical triangle that began forming in January 2018. This triangle originated from the aftermath of XRP’s impressive rally in 2017, where it reached an all-time high of $3.31.
However, a subsequent market correction led to the formation of the upper trendline of this symmetrical triangle. Over the past six years, XRP has experienced lower highs and higher lows, remaining confined within this pattern
In April 2021, XRP made its first attempt to break out, reaching a high of $1.96. Unfortunately, lacking support from the broader crypto market, XRP couldn’t breach the upper trendline, resulting in a significant price drop.
Now, as the crypto asset approaches the peak of the symmetrical triangle, analyst EGRAG suggests potential price targets of $6.4 or even $22.3, possible upon when the breakout occurs.
EGRAG Ambitious Targets
EGRAG presents two ambitious targets, mapping out future trajectories for XRP’s price and market dynamics. The earlier breakout, expected in January 2024, could propel XRP to $6.4. This ambitious goal requires a surge of 923% from its current value.
However, EGRAG presents an even more audacious target – a breakout in July 2024, leading to a $22.3 price. This scenario implies a staggering 3,466% increase from XRP’s current value.
Despite the ambitious targets, EGRAG notes that current bullish indicators point towards an earlier breakout, favoring the January 2024 scenario. The Relative Strength Index (RSI) in the 3-month timeframe shows a growing uptrend but remains within neutral territories. XRP’s immediate resistance is at $0.6881, aligning with Fib. 1.618.
As XRP stands on the cusp of a potential breakthrough, the cryptocurrency market awaits the unfolding of these predictions.
