XRP Poised for $2 Surge: Four Month Chart Indicates Imminent Breakout
Interestingly, XRP enthusiasts have reason to celebrate as the digital currency appears poised for a substantial surge. A Crypto analyst has shared a promising forecast for the price of XRP.
The analysis points towards a potential rise to $2, supported by a four-month chart displaying strong indications of a breakout. This development is welcome news for investors monitoring XRP's performance over the past few months.
EGRAG's Analysis Reveals Historical Weight of $2 Price Level in XRP MarketIn a recent analysis, EGRAG emphasized on Twitter the historical importance of the $2 price level. According to him, within the crypto market, previous price points serve as crucial reference points. Therefore, EGRAG highlights two pivotal historical events for XRP in this context.
#XRP Descending Channel - Target $2:
This analysis is set on a 4-month time frame, giving us a broader perspective.
The $2 price level holds significant importance as it aligns with key historical points:
Back in January 2018, it marked the peak of the Body Candle
- EGRAG CRYPTO (@egragcrypto) September 28, 2023
In January 2018, XRP reached $2, which was good for traders, even though it had touched $3.31 before.
In addition, Egrag highlighted another price move in April 2021, when it increased to $1.96. This was the highest point on the chart at that time. This second high point suggests that XRP can reach those levels again.
Importantly, EGRAG advises traders that it's crucial to look at how XRP's price moves over four months. He said this will help investors get a clear view of where the asset is heading. Furthermore, it will filter out any false signals.
EGRAG's 4-Month Chart Unveils Descending ChannelsEgrag provided a 4-month trading chart to support his analysis, revealing two descending channel patterns.
After hitting its all-time high of $3.31 in January 2018, XRP started on a downward trend. Based on Egrag's analysis, this decline led to the formation of the first channel. This initial high was followed by decreases, gradually shaping the descending channel.
However, in early 2021, XRP's price rebounded and surged again to $1.96 in April 2021. Importantly, this price increase was due to the 2018 descending chart pattern breakout.
Unfortunately, after reaching the $1.96 peak, XRP started falling again, forming a second descending channel.
Based on past trends, EGRAG forecasts that XRP might be on the verge of another major surge, like the one seen in April 2021. This surge could push XRP to $2, marking an incredible 277% rise from its current price of $0.53.
Egrag's Previous XRP Analysis Similar to Present ForecastRecall that, on October 1, Egrag predicted a bullish price move on the price of XRP. This prediction has sent investors into a frenzy.
Egrag shared this prediction in three parts: white, Blue, and Green. The first part, the White phase, is completed, with XRP at $0.93.
Presently, the coin is moving into the Blue phase, with a target of $1.5. After that, the Green phase is anticipated, where Egrag foresees XRP hitting $4.5.
In addition, the analyst thinks that thechart showed a good breakout, retest, and trend continuation pattern, indicating that the price will likely keep going up.
Also, he advises Ripple's native coin supporters to stay watchful because the upward movement could happen at any time.
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