A well-known crypto analyst named EGRAG CRYPTO presented an impressive analysis for Ripple (XRP) investors. According to the data underlying the analysis, XRP has been trading within a persistent symmetrical triangle since 2017, and a potential breakout within this triangle is imminent. being evaluated.
EGRAG CRYPTO’s analysis in December 2023 provided a remarkable perspective when evaluating the price movements of XRP. In the analysis report, he evaluated declines as buying opportunities as long as XRP maintains its symmetrical triangle formation and gave investors important clues about possible future developments.
The symmetrical triangle formation refers to a pattern in which the upper and lower trend lines on the chart become increasingly closer. In the report of EGRAG CRYPTO, this formation was highlighted as an important determinant characterizing the price movements of XRP. This pattern generally indicates that the price of an asset remains in a narrowing range for a certain period of time, during which the upper and lower trend lines approach each other.
While describing the symmetrical triangle formation, EGRAG CRYPTO pointed out that this pattern has historically been a harbinger of a breakout. In this case, the XRP price is expected to move in a distinct direction, breaking the upper or lower trend line at a certain point. The main suggestion of the analysis is that as long as XRP maintains this symmetrical triangle formation, declines can be considered as potential buying opportunities for investors.
EGRAG CRYPTO offers investors two main ways to evaluate possible future scenarios. The first scenario, “Blue Road,” foresees the continuation of XRP’s upward trend towards the end of 2023. In this case, the analyst expects a breakout to $6.41, which would represent a significant gain from current levels. This scenario provides investors with a glimmer of hope in evaluating potential future gains.
The other scenario is “The Green Mile.” This scenario suggests that if XRP experiences a temporary decline in early 2024, it could recover and achieve a larger price increase. The analyst stated that in this case, XRP could reach $ 22.38, offering investors the potential to buy at low price levels.
Taking Advantage of Downturns
Accepting both potential trajectories, EGRAG emphasizes that it prefers the blue path in its December analysis. However, it underscores the validity of the green path, especially in light of Ripple’s (XRP) recent decline within the symmetrical triangle.
However, the analyst’s basic message remains unchanged. It urges users to take advantage of price declines within the symmetrical triangle.
XRP Performance
On the other hand, XRP recently dropped to 7th place in the market cap rankings. Although XRP managed to regain the 6th place, this reminded me of moments last year when Solana (SOL) outperformed and the digital asset took its place in the market rankings. XRP’s temporary drop below $0.5 caused fear and panic in the market.
At press time, XRP is trading at $0.5046 and despite its performance, many in the XRP community still believe a breakout is imminent. Time will tell whether XRP will live up to expectations or continue to disappoint users.
You can follow the current price movement here.