Renowned crypto analyst EGRAG is bullish on XRP’s chances in the crypto market. The analyst forecasted a rally to $107 for XRP based on historical price action and the potential formation of a hammer candlestick on the 3-month chart.
Although XRP’s price remains unchanged, some analysts, such as Forbes, believe that XRP will still rally despite the ongoing market rally.
XRP is Likely to Form a Bullish Pattern, Leading to a Price Increase
According to analyst EGRAG, historical data on the three-month chart timeframe favors a potential hammer candlestick formation for XRP.
#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 📈
ii) This time, if we just take the same measured move
(Green… pic.twitter.com/8BcCqCGDtC
— EGRAG CRYPTO (@egragcrypto) March 5, 2024
Also, EGRAG noted that a symmetric triangle formation might lead to a bullish hammer in the 3-month timeframe. In addition, EGRAG projected that the $1.2 price level will be tested, and those who bought Ripple below $0.5 will gain massively.
Furthermore, EGRAG shared his belief that buying XRP below the $1 price level will not be possible soon due to a price increase. Meanwhile, he encouraged the XRP Army to stay strong and understand that Ripple does not rush.
Notably, data from EGRAG’s chart revealed that Ripple has remained in the symmetrical triangle since it declined from the $3.31 all-time high value in January 2018. The last time XRP formed a similar symmetrical triangle pattern was between mid-2013 and late 2016.
However, after a breakout in Q1 2017, XRP surged massively, breaking above the blue line indicated in EGRAG’s chart. So, EGRAG added a green line stating that if Ripple followed the trend as it did for the blue one, it could rise massively.
According to EGRAG, if Ripple rises to the green line, it will rally to $7.5 before trading at $11. He believes that if market conditions are favorable, XRP could rally up to $27, which would be a pivot point for the $107.3 rally.
How is XRP Performing in The Market Today?
XRP price records slight gains today and is trading at $0.6, remaining relatively unchanged in the last 24 hours.
The asset is in an uptrend on the daily chart, forming green candles after a sharp decline on March 5. Remarkably, Ripple broke above the $0.60 resistance level on March 6, flipping it to support as it attempted to rally above the $0.63 price level.
Today, Ripple is trading in the upper region of the Donchian Channel (DC), moving above the median band as the buyers sustain the trend. Additionally, the Relative Strength Index (RSI) indicator is rising to the overbought region above 70 with a value of 60.63.
This confirms the entry of more buyers and the dominance of long positions in the market. By that, Ripple will likely overcome the $0.63 resistance level and rally to $0.66 in the coming days. Although XRP’s price increase seems sluggish, it will probably record higher highs if it breaks above $1.
Therefore, EGRAG’s XRP forecasts could occur if market conditions remain favorable and XRP overcomes critical resistance levels.
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