The price of XRP has left many of its enthusiasts dissatisfied during this bull cycle as failed to reach the $1 mark despite the bullish sentiment around cryptocurrencies. However, crypto analyst EGRAG CRYPTO believes that an XRP price of $1 is still possible this cycle as he predicted a near-term price increase. From this analyst’s technical perspective, recent price action has seen XRP form a “W” pattern, setting it up for a massive push above $1.
XRP Price Pattern Signals Potential Massive Move
XRP’s highest price so far this year was $0.718. Cryptocurrency is now wandering below the price level of $0.65 and up falling as low as $0.57 in the last seven days. This has caused many investors and holders to feel frustrated and concerned about the poor price performance.
Despite that lackluster performance, many analysts continue to maintain a bullish price action on XRP. EGRAG, which is known for its bullish attitude towards XRP, has, for the most part, been encouraging its social media followers to maintain their positive stance towards XRP. His latest technical analysis, which he shared on social media, indicates that the XRP price formation has now established a bullish pattern, which has been responsible for significant price increases in the past.
This price increase is particularly based on a peculiar “W” pattern, which he highlighted on a 3-day candlestick chart of the XRP price. Interestingly, a detailed analysis of the chart shared by EGRAG shows that XRP embarked on the formation of this “W” pattern in July 2023. Now that the formation appears complete, the analyst noted that XRP could potentially rise to $1 on a scale standard and US$1.2 on a logarithmic scale.
#XRP Wave 10 ($1 – $1.2) 🌊🔟:
The 10th “W” pattern is exceptionally well aligned with the current market setup, signaling a potentially significant move.
Target prices remain consistent:
1) Non-logarithmic: $1
2) Logarithmic: $1.2#XRPArmy STAY TIGHT and enjoy the… pic.twitter.com/PS6xZi1FFv– EGRAG CRYPTO (@egragcrypto) March 24, 2024
At the time of writing, XRP is trading at $0.63. An increase to $1 and $1.2 from the current price level would mean an increase of 58.7% and 90.47%, respectively. However, EGRAG also noted the possibility that the “W” pattern could lead to a recession. On his price chart, he highlighted the worst-case scenario of XRP falling to $0.44518.
What’s Next for XRP?
EGRAG is one of the many crypto analysts who are still ultra-optimistic about XRP’s price trajectory. From him long-term price projection for XRP it costs $27. Other reviewers like Mikybull Prediction XRP could reach $6.
Ripple’s lawsuit with the SEC appears to be getting to the end which could spell the end of prolonged and stunted XRP price growth. As a result, we could see XRP reaching new highs very soon. Whether or not XRP reaches $27 or sets new records, many view it as an undervalued asset with significant upside potential. This fundamental growth could see XRP 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
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