- EGRAG envisions a substantial 2,829% surge in XRP, aiming for a $15 price target, driven by an anticipated breakout from a multi-month ascending triangle.
- Recent short-term gains in XRP were spurred by the SEC’s decision to drop its case against Ripple’s executives.
As Ripple continues to secure major wins against the U.S. Securities and Exchange Commission (SEC), analysts are turning to be more and more bullish for the native crypto XRP. EGRAG, a prominent analyst, envisions XRP continuing its trajectory towards an impressive 2,829% surge, ultimately reaching the ambitious target of $15. This projection is based on the anticipation of a breakout from a multi-month ascending triangle in the near future.
EGRAG’s recent analysis of XRP’s price trends builds upon their previous assessments. The analyst initially introduced the concept of the Bent Fork in June, outlining a roadmap with four distinct tracks that XRP must traverse.
These tracks consist of the Major Historical Support, the Ranging Zone, the Mid-Cycle Top, and the Cycle Top. Currently, XRP is situated within the Major Historical Support track, and to reach the $15 target, it would need to surpass this track and progress towards the Cycle Top.
XRP Price Forms Ascending Triangle Pattern
In their recent analysis, EGRAG focuses on the short-term price dynamics of XRP and the key resistance levels. Overcoming these resistances could further lead to a transition to the next stage. The analyst highlights a White Ascending Triangle within the Major Historical Support.
The XRP price has been trading within the confines of this ascending triangle since May 2022, following its decline from the peak of $0.9121 in March 2022. The chart data also suggests that breaching this ascending triangle is the initial milestone that XRP needs to attain to advance to the next phase.
Throughout the past year, bulls and bears have engaged in a battle, attempting to trigger a break either above or below the ascending triangle. This struggle has remained a deadlock, with each group fiercely defending its territory. In July, the bulls temporarily succeeded as XRP surged to $0.91, breaking out of the triangle. However, a subsequent correction pushed XRP back into the ascending triangle, thwarting the bears’ efforts to bring it below this crucial level of support.
XRP Price to Rally to $15
EGRAG underscores that XRP has consistently adhered to the ascending triangle pattern, which is an encouraging indicator. The analyst anticipates an imminent breakout, particularly between the third and fourth weeks of November.
EGRAG addresses those market participants who may be uncertain about their next moves regarding XRP’s current position. He emphasizes that the present situation could present a final opportunity for these investors to acquire XRP at an attractive price.
Notably, once XRP successfully breaks free from the ascending triangle, its path leads to the Ranging Zone, followed by the Mid-Cycle Top. Ultimately, it would reach the Cycle Top, a milestone that EGRAG believes could propel the asset to a price of $15. This would signify a remarkable 2,829% surge from XRP’s current value.
In the short term, XRP has experienced notable gains following the recent legal victory of Ripple, with the SEC dropping its case against the company’s executives, Brad Garlinghouse and Chris Larsen. In response to this development, XRP surged to $0.5121.
