The price of XRP is yet to embark on a bullish trajectory but many crypto analysts continue to remain bullish. Among these analysts is EGRAG Crypto, a figure well-known in the crypto community for his consistently ultra-bullish perspective on XRP.
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In a recent detailed analysis shared on the social media platform X, EGRAG expressed his belief that XRPโs prolonged period of trading under the $1 mark might soon be coming to an end. His technical analysis reveals the potential for a sustained upward price movement. According to EGRAG, XRP appears to be on the brink of a major bull rally that could propel the price to a target of $7.5, provided it successfully breaks out of a well-defined resistance trendline.
Analyst Predicts XRP Rally To $7.5
EGRAGโs analysis was made known through an XRP/TetherUS weekly chart with price action going as far back as June 2019. Interestingly, the chartโs technical analysis reveals two triangular price patterns, one inside another. The smaller (white) triangle is formed with XRPโs price action in the past year since June 2023.
Encapsulating this smaller white triangle is a larger yellow triangle, which has been developing since June 2020, following a notable bullish rally. Notably, the price of XRP has been constricted between these triangles over the years. This has brought XRP to a critical juncture, with the current price action showing extreme compression within these triangular boundaries.
EGRAG pointed out the upper trendline of these triangles as the โGenuine Wake-Up Line.โ This trendline is seen as a key resistance level that could determine whether XRP breaks out into a significant bullish run or continues its consolidation. XRP is currently trading within the confined range of the white triangle, with the price hovering around $0.60.ย
The Catalyst
EGRAG emphasizes that a weekly close above $0.64 could be the catalyst needed to test the โGenuine Wake-Up Line,โ which is positioned between $0.70 and $0.75. As such, the primary objective of XRP bulls now is to make sure the crypto smashes through the โGenuine Wake-Up Lineโ as doing so would trigger a powerful rally.
#XRP Genuine Wake-Up Line (UPDATE):
NOTHING HAS CHANGED โ SAME STANCE, SAME TARGETS! ๐ฏ
A white Triangle โฌ๏ธ is forming, capturing the highs from 2021. Enter the โGenuine Wake-Up Lineโ in yellow, signaling the next big move!
Atlas Line Update:
Yes, the โAtlas Lineโ wasโฆ https://t.co/9eQlnnFM13 pic.twitter.com/oY4H8i90sgโ EGRAG CRYPTO (@egragcrypto) August 23, 2024
In terms of price targets, EGRAG predicted an ambitious target of $1.5. If XRP continues to rally beyond this point, a more explosive move is expected, with EGRAG predicting a surge toward the 1.618 Fibonacci level. Notably, this corresponds with a price target of $7.5 from the larger yellow triangle.
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At the time of writing, XRP is trading at $0.60. To reach the target of $1.5, the price would need to increase by 150%. Hitting $7.5 would require a bigger 1,150% surge from its current level.
Featured image from Pexels, chart from TradingView
