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- XRP analyst EGRAG predicts a significant rally to $2, citing historical $2 price significance and a breakout from a descending channel.
- EGRAG’s analysis focuses on 4-month price movements, offering a more accurate view of XRP’s trajectory.
A prominent crypto analyst, EGRAG, is stirring anticipation within the XRP community with a rather audacious prediction. EGRAG firmly believes that XRP, the digital currency associated with the fintech company Ripple, is teetering on the edge of a substantial rally.
The analyst’s observation of an impending breakout from a multi-year descending channel anchors this prediction. This technical pattern has historically played a pivotal role in shaping the trajectory of XRP’s price.
#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 🕯️
✨… https://t.co/xCXt0GF6IL pic.twitter.com/DFkriT2pCF— EGRAG CRYPTO (@egragcrypto) September 28, 2023
Significance of the $2 Threshold
In the intricate world of cryptocurrency trading, historical price milestones bear immense significance as they serve as potent reference points. EGRAG spotlights two seminal junctures in XRP’s past to underscore the paramount importance of the $2 mark.
The first watershed moment occurred in January 2018 when XRP surged to $2. While the cryptocurrency eventually touched the remarkable height of $3.31 during that period, it is noteworthy that $2 marked the zenith of the Body Candle on the price chart. This, in essence, makes it a psychologically pivotal level for traders.
The second pivotal juncture transpired in April 2021 when XRP’s price ascended to $1.96. This particular price level marked the zenith of the chart’s wick, indicating the potential for XRP to revisit such lofty heights.
Analyzing XRP’s Trajectory with Precision
EGRAG places substantial emphasis on scrutinizing XRP’s price movements within a specific 4-month timeframe. This strategic approach serves to winnow out deceptive signals and affords a more lucid and dependable representation of the cryptocurrency’s future path.
Visualizing XRP’s price movements unveils the formation of two distinct descending channels. The genesis of the first channel can be traced back to 2018, following XRP’s historical pinnacle of $3.31 in January of that year. After this zenith, a series of successive declines coalesced to give shape to the initial descending channel.
In early 2021, XRP experienced a noteworthy rally, surging to $1.96 in April. This rally precipitated a breakout from the 2018 descending channel. Regrettably, the momentum propelling XRP upward was relatively short-lived, and the cryptocurrency soon found itself enveloped within a second descending channel as it descended from the $1.96 peak.
Drawing inspiration from patterns of yore, EGRAG advances the hypothesis that XRP stands on the precipice of another substantial rally reminiscent of the one witnessed in April 2021. This anticipated rally carries the potential to propel XRP to the coveted $2 threshold, marking a remarkable 277% upswing from its prevailing price of $0.53.
Transcending XRP’s Trading Zones
EGRAG’s analysis also factors in XRP’s trading zones. The cryptocurrency resided in Zone A from 2013 to 2017, prior to transitioning into Zone B, characterized by a higher price range. EGRAG posits the possibility of XRP breaking free from Zone B’s confines and venturing into an entirely new zone endowed with an even loftier price range.
At the juncture when EGRAG conducted the analysis, XRP was trading at $0.53. A noteworthy development was the cryptocurrency’s recent rally, where it ascended to retest the $0.54 level. This surge coincided with news that Judge Analisa Torres had rejected the U.S. Securities and Exchange Commission’s (SEC) plea for an interlocutory appeal in the ongoing legal saga involving Ripple.
