According to the popular crypto analyst EGRAG CRYPTO, Ripple’s native token XRP is setting up for an explosive bull run that could catapult its price to unprecedented heights. In a detailed technical analysis, the analyst lays out an extraordinarily bullish chart pattern pointing to immense upside potential.
Looking at the coin’s long-term macro chart, EGRAG CRYPTO has identified a massive ascending triangle formation set to have been years in the making. According to the analyst, when XRP finally breaks out of the upper trendline of such a pattern, the ensuing pump will be ‘nothing short of legendary’ in terms of scale.
For the cryptocurrency to reach the top of the triangle, it needs to surge around 41% from current levels. Notably, in late 2017, the coin experienced a similar 41% move higher before going into a parabolic rise that took it to all-time highs back then. EGRAG CRYPTO is supremely confident, stating emphatically, “my answer is a resounding YES” that history will repeat itself.
However, the analyst believes the coin’s ultimate target lies at the 1.618 Fibonacci extension level, which, based on measured moves and Fib projections, points to XRP trading squarely in double-digit territory as being “inevitable” this cycle. While unable to forecast an exact price path, EGRAG CRYPTO advises traders to utilize a rigorous “dollar cost averaging strategy” to safely accumulate XRP ahead of the expected rally.
XRP Could Hit $50 by November 2024
In a previous analysis, the analyst spotlighted peculiar historical data showing that XRP is on the verge of printing three consecutive monthly green candles, an extraordinarily rare event that has only materialized twice before. The first such instance in its history preceded a mind-bending 1500% rally after a 5-month consolidation period. If that scenario plays out again from current levels, it could climb to around $10.
The second led to an even more staggering 8000% price spike following a 12-month consolidative phase. If the cryptocurrency follows that script this time, the analyst states it could translate to a price of $50 or higher by November 2024.
Bringing these two historical precedents together, the analyst believes that XRP has a “secret target” of about $27 to $30 based on powerfully bullish technical signals across multiple time frames. As frenzy builds on XRP’s potential liftoff, EGRAG CRYPTO tells the ‘XRP Army’ to ‘stay steady’ and brace for the cryptocurrency’s possible price move.
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