The new prediction of analyst EGRAG, which is frequently on the agenda in the cryptocurrency world, attracts attention again. pulled. EGRAG, XRP While he stated that the price would soon enter a waste run, he also based his prediction on technical analysis.
EGRAG detected a multi-year ascending trend line for XRP, with a more recent ascending triangle forming on the monthly time frame. Ascending triangles are generally considered bullish continuation patterns and indicate a potential price increase after consolidation.
#XRP: The Life-Changing Triangle! ($17 or $27)
Even without being a TA expert, one look at the Ascending Triangle on the monthly timeframe screams #Bullish! 📈
NEWS CONTINUES BELOWIt’s time to play smart, rotate those profits into #XRPaccumulate more, and then just sit back and wait for the… pic.twitter.com/lWUwHgrFMC
— EGRAG CRYPTO (@egragcrypto) April 8, 2024
NEWS CONTINUES BELOW
XRP is on a Multi-Year Uptrend Line
The multi-year ascending trend line for XRP means that there is a long-term uptrend in which price support is increasing over time. While this points to investors’ confidence in the asset, it also highlights its long-term potential.
The first prominent detail in the “triangle” formations highlighted by EGRAG in its technical analysis is at $3.84. While this level indicates the historical peak of the asset, it is also the level where a trend line formation occurs. Although the chart recorded a decline from this level, it generally did so with a formation called “high lows”.
EGRAG, on the other hand, suggests that the measured movement of the ascending triangle could potentially push the price of XRP to $17 or $27.
As we reported as Koinfinans.com, although technical indicators are an important guide, they do not always give definitive results. For this reason, the effects of actions that can take place in the cryptocurrency market and financial markets are quite high.
