According to Egrag Crypto, a prominent cryptocurrency analyst, the popular altcoin XRP Also found a price estimate for it. Accordingly, the crypto asset could rise to $1.4. XRP last saw the $1.4 price level in May 2021. So how will this rise happen?
egrag’s last estimatedIt is based on a falling wedge pattern formed by XRP in the current 21-month downtrend. The analyst noted two possible price scenarios for the altcoin: a drop to $0.22 if the downtrend continues, and a rise to $1.4 if the trend reverses.
#XRP Overlay Chart:
Falling Wedges r considerably #bullish & failure rate is somehow low. It can present as both
NEWS CONTINUES BELOW1) Continuation–> 0.22c is in play
2) Reversal Pattern–> $1.4 is in play
NEWS CONTINUES BELOWBy overlaying Fibs, it shows that Fib 0.786 will play a major role in the next move pic.twitter.com/1WK9PM0Ucw
— EGRAG CRYPTO (@egragcrypto) February 3, 2023
The descending wedge pattern can be interpreted as a sign of reversal. This pattern is considered a bullish pattern as it shows that selling pressure is decreasing and buyers are taking control. So a trend that could potentially lead to a price increase.
Koinfinans.com As we reported, Egrag stated that XRP can reach up to the $ 1.4 price point when it exits this model. However, he explained that the $0.786 Fibonacci point will act as an important resistance point for the altcoin price. Specifically, if XRP can beat the resistance at this level, an uptrend to $1.4 becomes even more likely.
Besides, he is not the only one to predict bullishness for XRP. Analyst Crypto Bull also noted the other day that the asset is currently forming a bottom pattern similar to the one observed in 2017 prior to its meteoric rise, warning “Beware”.
#XRP is forming the same bottom structure as in 2017, before it exploded by 100,000%. Pay attention! pic.twitter.com/qBMeKlY2vU
— CryptoBull (@CryptoBull2020) February 3, 2023
You can follow the current price action here.
Source : the crypto basic