Controversial crypto analyst EGRAG, Ripple (XRPHe stated that the price of ) is ready for a new bull run. The price is set to climb above the $1.20 level.
EGRAG noted that XRP has been trading in an ascending triangle formation for three months. Triangle breakouts have led to parabolic advances during previous cycles. This typically greatly exceeds measured movement price targets. It helps you get over it.
#XRP 3 Months Candle – It’s #BULLISH AF: 🐂💥
A) The Triangle formation is still intact 🔺
i) Previous Cycle extended way beyond the
measured move (Blue Line) of the Triangle 📈NEWS CONTINUES BELOWii) This time, if we just take the same measured move
(Green… pic.twitter.com/8BcCqCGDtC— EGRAG CRYPTO (@egragcrypto) March 5, 2024
NEWS CONTINUES BELOW
The possible moderate movement indicated by the current triangle indicates a double-digit increase. However, estimating the magnitude of previous breaks also gives a possible estimate. For example, in this setup, the potential for a rally towards triple digits continues.
XRP Price Forms a 3-Month Bullish Candle
Ripple‘s upward expectations were already strong. In addition, there was a bullish hammer candle formation on three-month time frames. Hammers signal a downtrend reversal and usually precede the start of a new uptrend. According to EGRAG, XRP hammer projections show $1.20 as the next test for the bulls.
The analyst suggested that prospective buyers who buy below $0.50 could potentially increase their income in the future. He also warned that buying below $1.00 could soon become unattainable once the next vertical move kicks into high gear.
It is a well-known fact that XRP has significantly underperformed the broader crypto market due to the SEC’s lawsuit against Ripple clouding its legal standing. However, the company managed to turn the situation in its favor with some partial victories last year.
As Koinfinans.com reported, although analysts made a complex forecast for the asset, the community’s expectation remains high.
