XRP Poised to Reclaim $3.70 if it Replicates This Pattern

XRP could be looking to hit the $3.70 price point in a projected 487% rally, as highlighted by renowned market analyst EGRAG, who presented a potential price trajectory for the asset.

EGRAG disclosed this in one of his latest price analyses for XRP. The projection was built on his earlier report on the crypto asset’s potential path in October 2022. The earlier report suggested that XRP could follow a historical pattern leading to massive gains.

The latest disclosure sheds more light on this historical pattern. Notably, the pattern involved a slightly bearish consolidation XRP has witnessed twice in its history. Each time this consolidation has occurred on the weekly chart, XRP has staged an impressive rally upon a breakout.

XRP Historical Consolidation

The first consolidation, dubbed “Cycle A,” came up in early 2015, as XRP relinquished the $0.01 price territory in March 2015. This consolidation persisted for 700 days, data from EGRAG’s chart suggests. XRP eventually broke out in early 2017. Upon this breakout, the token rallied to $3.31 in January 2018.

“Cycle B,” which represents the second consolidation phase, began in Q2 2019. XRP battled to retain the $0.30 price zone during this phase but lost a series of battles. The consolidation eventually ended in early 2021 after 644 days. XRP surged to $1.96 in April 2021, shortly after the breakout, rallying by 579%.

A $3.7 Price Target

In his analysis, EGRAG noted that XRP has slipped into a similar consolidation phase. The analyst suggested that the current phase looks similar to the pattern from Cycle B. He further called attention to the Super Gruppy indicator, which has helped in detecting when XRP slips to an uptrend. 

Notably, for each of the previous two cycles, the Super Gruppy indicator turned red during the bearish consolidation phase, as XRP followed a downward channel. However, when XRP breaks above the upper trendline of the channel, the Super Gruppy indicator flashes green, indicating an imminent price rally. 

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EGRAG stressed that XRP is on the verge of breaking above the upper trendline of the current channel. Should this occur, the indicator would flip green, pointing to a looming surge. If the current cycle replicated Cycle B, then XRP could also rally by similar margins.

Should this play out, EGRAG has set up several ambitious targets for XRP. The first target currently sits at $3.70, marking a 487% rise from XRP’s current price of $0.63. The analyst suggested that XRP is the wise choice for investors looking for potential seven to eight times gains.

Meanwhile, XRP’s current price of $0.6303 represents a 3.1% rise in the token’s value over the past 24 hours. XRP has capitalized on the latest market run, but not as much as others like Bitcoin (BTC), which is up 6.7%. XRP’s 24-hour volume is also up 13.72% to $902,835,386.

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• Source: https://thecryptobasic.com/2024/01/02/xrp-poised-to-reclaim-3-70-if-it-replicates-this-pattern/?utm_source=rss&utm_medium=rss&utm_campaign=xrp-poised-to-reclaim-3-70-if-it-replicates-this-pattern