The XRP price has left many XRP enthusiasts highly dissatisfied during this bullish cycle. Failed to reach $1 mark regardless of bullish emotions The situation surrounding virtual currencies. However, cryptocurrency analyst EGRAG CRYPTO predicts a sharp rise in price in the short term and believes there is still a chance for XRP to hit $1 during this cycle. From this analyst's technical perspective, the recent price movement shows that XRP has formed a “W” pattern, preparing for a massive rally above $1.
XRP price pattern suggests the possibility of a major move
XRP's highest price so far this year is $0.718.Cryptocurrency now finds itself walk around below Even with the $0.65 price level down to $0.57 in the last 7 days. This led to many investors and holders becoming dissatisfied and concerned about the poor price performance.
despite this lackluster performance, many analysts continue to maintain the bullish price trend of XRP. EGRAG is well known for his bullish stance on XRP and has encouraged his followers on social media to remain positive on XRP. The latest technical analysis he shared on social media shows that XRP's price formation has now established a bullish pattern, which has been responsible for significant price increases in the past.
This price surge is based on a particularly distinctive “W” pattern, which he highlighted on a 3-day candlestick chart of XRP price. Interestingly, a closer look at the chart shared by EGRAG shows that XRP started forming this “W” pattern in July 2023. Now that the formation appears to be complete, analysts have noted that XRP could soar to $1 on the standard scale. $1.2 on a logarithmic scale.
#XRP Wave 10 ($1 – $1.2) 🌊🔟:
The 10th “W” pattern is very consistent with the current market settings and indicates a potentially important move.
Target price remains consistent:
1) Non-log: $1
2) Logarithm: $1.2#XRP army Stay steady and show your gratitude… pic.twitter.com/PS6xZi1FFv— EGRAG CRYPTO (@egragcrypto) March 24, 2024
As of this writing, XRP is trading at $0.63. A jump from current price levels to $1 and $1.2 would imply a jump of 58.7% and 90.47%, respectively. However, EGRAG also noted the possibility that the 'W' pattern could lead to an economic downturn. In his price chart, he highlighted the worst-case scenario of XRP falling to $0.44518.
What’s next for XRP?
EGRAG is one of them. many crypto analysts They are still very bullish on XRP's price trajectory.his XRP long-term price prediction is $27.Same as other analysts Mickey Bull predicts XRP could reach up to $6.
Ripple's lawsuit with the SEC is as follows. is nearing the end This could mean an end to the long-term stagnation in XRP price growth. As a result, we expect XRP to soar to new highs in the near future. Regardless of whether XRP reaches $27 or sets a new record, many view it as an undervalued asset with significant upside potential. This fundamental growth XRP could rise to $1 for the first time since November 2021.
XRP price recovers above $0.62 | Source: XRPUSDT on Tradingview.com
Featured image from Watcher Guru, chart from Tradingview.com
