- Crypto analyst EGRAG predicts XRP may reach $2 as it retests a descending channel.
- A bullish pennant on the monthly chart bolsters EGRAG’s optimistic outlook.
- EGRAG highlights that uptrend consolidation periods typically precede upward movements, with volume confirming breakout direction.
In a compelling analysis, crypto analyst EGRAG has set the stage for a potentially explosive rally in XRP, suggesting the cryptocurrency may soon reclaim the $2 price. EGRAG’s assessment hinges on two key factors, each shedding light on XRP’s bullish prospects.
#XRP Teetering on the Edge – $2 Inbound (UPDATE):
* To gain a deeper insight into the chart’s dynamics, I recommend reviewing the post from October 6, 2023, on the following link: https://t.co/RO4K8B83jc.
* It’s evident that #XRP is currently undergoing a retest phase following… pic.twitter.com/MQjqkol81e
— EGRAG CRYPTO (@egragcrypto) October 11, 2023
First, EGRAG points to the retest of a descending channel, a significant technical indicator. The chart reveals that XRP recently broke above this channel, surging to $0.93 in July. Currently, it is retesting the channel following a recent retracement.
EGRAG believes this retest could lead to a massive upsurge, with $2 as the projected price target. The history of previous breakouts following channel retests adds weight to this prediction.
The second factor bolstering EGRAG’s optimism is the formation of a bullish pennant on the monthly chart. Pennants are typically seen as bullish indicators, and EGRAG emphasizes the importance of analyzing them monthly to reduce the occurrence of misleading signals. This formation occurred during a prolonged consolidation period, a phenomenon often associated with upcoming upward movements.
Moreover, the height of the flagpole formed during XRP’s 2018 rally provides an estimate of the potential magnitude of the forthcoming surge. EGRAG insists that a substantial increase in trading volume is essential to confirm the direction of the breakout.
These combined factors suggest that XRP may be on the cusp of a significant upward movement driven by technical foundations and a robust bullish pennant formation.
Read the full article here