Crypto analyst Egrag has unveiled a new one analysis predicting a significant increase in the price trajectory of XRP. Based on his research on XRP’s 1-day chart patterns, he suggests three primary phases for the future price: white, blue, and green.
In the ‘White’ phase, which has already been completed according to Egrag, XRP settled at $0.93. The ‘Blue’ phase, currently underway, aims for a target of $1.5. The ‘Green’ phase, which will begin after the completion of the ‘Blue’ phase, sets an ambitious target of $4.5.
The roadmap for XRP prices in the coming months
Diving deeper into the analysis, Egrag believes that XRP showed a classic breakout, retest, and continuation pattern, indicating a bullish trajectory. He further urges the crypto community, especially the XRP army, to remain steadfast as the price surge could catch many off guard. The analyst downplays any bearish forecasts for the coming months, suggesting they are irrelevant.
A key point from Egrag’s analysis is the formation of a “Mega Ascending Triangle” (Mega AT) in the XRP price chart. Should XRP close above $0.5207, the price could quickly escalate to $1.40, surpassing the previous peak caused by Ripple’s legal victory over the US Securities and Exchange Commission (SEC). At that time, in mid-June, the cryptocurrency formed a “Mini Ascending Triangle” (Mini AT) and rose by almost 100%, reaching almost $1.
Egrag points out the strong support zone between $0.4199 and $0.4803, with a key resistance range between $0.5365 and $0.60. If XRP breaks through this resistance, Egrag expects a significant move with $0.75 to $0.87 becoming the new supply zone. He emphasizes that the one dollar threshold is a crucial structural and psychological barrier. Bypassing this point paves the way for a rise to $1.40, marking the full realization of the “Mega AT.”
However, it may take longer for the $4.5 target price, which represents a substantial upside, to materialize. Eggrag points to the potential for a sudden market pump even with minimal investment. He thinks: “the market is thin, a small amount will pump up the market.” However, Egrag adds: “No timing, just showing the way.” He further advises: “Just wait and be patient.”
At the time of writing, XRP was trading at $0.52118, up slightly by 0.3% in the past 24 hours. The XRP price rose from the 200EM on the 4-hour chart. However, the bulls were unable to demonstrate sufficient purchasing power. The price failed to breach the 23.6% Fibonacci retracement level at $0.52778. This resistance is crucial for the price to rise to a 20-day high at $0.55768.
Featured image from Shutterstock, chart from TradingView.com