2 October 2023
Crypto analyst Egrag has unveiled a new analysis predicting a significant surge in the price trajectory of XRP. Based on his examination of the 1-day chart patterns of XRP, he suggests three primary phases for its future price – labeled as White, Blue, and Green.
The ‘White’ phase, which Egrag claims has already concluded, saw XRP settle at $0.93. The ‘Blue’ phase, currently ongoing, 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 Price In The Coming Months
Diving deeper into the analysis, Egrag believes that XRP exhibited a classic break-out, retest, and continuation pattern, suggesting a bullish trajectory. He further urges the crypto community, especially the XRP army, to remain steadfast as the price surge might catch many off guard. The analyst downplays any bearish forecasts for the upcoming months, hinting at their irrelevance.
A significant 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, its price might escalate to $1.40 quickly, surpassing its previous peak caused by Ripple’s legal victory against the US Securities and Exchange Commission (SEC). Back then in mid-June, the cryptocurrency formed a “Mini Ascending Triangle” (Mini AT) and surged by nearly 100%, approaching $1.
Egrag pinpoints the strong support zone between $0.4199 and $0.4803, with a key resistance range set between $0.5365 and $0.60. If XRP breaks this resistance, Egrag anticipates a significant move where $0.75 to $0.87 becomes the new supply zone. He emphasizes the $1 threshold as a critical structural and psychological barrier. Bypassing this mark paves the way for a rise to $1.40, marking the full realization of the “Mega AT”.
However, the $4.5 target price, which represents a substantial hike, may take a more extended period to materialize. Egrag hints at the potential for a sudden market pump, even with minimal investment. He thinks, “the market is thin, small amount will pump the market.” However, Egrag adds: “No Timing, just showing the road.” He further advises: “Just wait and be patient.”
At press time, XRP was trading at $0.52118, up slightly by 0.3% in the last 24 hours. XRP price bounced up from the 200EM in the 4-hour chart. However, the bulls had not been able to show enough buying force. The price failed to overcome the 23,6% Fibonacci retracement level at $0.52778. This resistance is crucial for the price to rise to the 20-day high at $0.55768.