Egrag Crypto, one of the analysts closely followed by the crypto money market, recently made a price prediction of $ 1 for XRP, which draws attention to the W model created by the asset. The altcoin last saw the $1 price zone in November 2021.
In his final analysis, Egrag evaluated the W trading model. This model gets its name from its distinctive shape, which resembles the letter “W”. The W pattern is an important technical analysis pattern that usually occurs at the end of downtrends, and a double bottom indicates that the downtrend is coming to an end. The first bottom usually occurs at the end of a downtrend, followed by an uptrend. However, the uptrend usually ends with a correction after a while and prices start to fall again. The second bottom is formed at the end of this bearish movement and then prices start to rise again.
Once the W model is complete, it can be interpreted as a sign of a turning point where prices will rise. For this reason, this pattern is also referred to as a “reversal” pattern.
Egrag notes several W models to explain his analysis. pulled. In an analysis following the previous price prediction dated April 1, he noted that XRP’s price movements dating back to May 2022 successfully formed two distinct W patterns, which he referred to as patterns A and B.
#XRP (0.85C – $1.00 is Coming):
Men & Women Lie But Numbers & Charts Don’t Lie.
NEWS CONTINUES BELOWThe below ‘W’ Patterns played out as expected.
The ‘A’ & ‘B’ ‘W’ Formation r part of a bigger ‘W’ Pattern that if played out as expected will pump #XRP tp 0.85c to $1 based on both scales Log &… https://t.co/2i5gehtPgC pic.twitter.com/FqsnpOo04l— EGRAG CRYPTO (@egragcrypto) April 2, 2023
He stated that creating patterns A and B is a precursor to creating a larger W pattern, and if that happens it will cause XRP to surge to $0.85. According to Egrag’s chart, if this W formation occurs, the altcoin could experience a rebound of $0.85 this month.
In addition, he stated that a permanent rally could bring XRP to the highly anticipated $1 price target on a logarithmic scale. Data from his charts reveal that this could happen in April. The altcoin has not been able to retrace the $1 price point since it broke below this zone on December 1, 2021.
XRP Short Term Price Prediction
Alongside these, the analyst emphasized the importance of XRP staying above the $0.50 price level in the short term. According to him, it is crucial for the asset to close above $0.50 to continue the bull run on the asset weekly timeframe.
#XRP Gaussian Channel – Weekly TF (0.50c):
Another reason why 0.50c should not be broken on the weekly time frame. It is the middle of the Gaussian Channel.
Bouncing from 0.50 will take us to 0.64c, closing above 0.64c will be the clear signal for Mega Pump. #XRPArmy STAY… pic.twitter.com/MPt37POEMX
— EGRAG CRYPTO (@egragcrypto) April 3, 2023
He suggested that if XRP is able to bounce off the $0.50 price level in the short term, his next target would be the $0.64 price point. Also, if the asset closes above $0.64 weekly, it signals the start of a “mega bullish”. However, this should not serve as investment advice. XRP is trading at $0.5148, up 10.50% compared to last week.
You can check the price movements here.
Source : the crypto basic