XRP Price On The Cusp Of Major Uptick To $1.4: Crypto Analyst
October 06 2023 - 8:00AM
NEWSBTC
A new XRP price prediction from notable crypto analyst, EGRAG
CRYPTO, has investors buzzing. Based on a multi-timeframe analysis,
Egrag believes XRP is showing considerable strength, hinting at a
potential surge to $1.4. The analyst elucidated his predictions in
a tweet, stating, “XRP Color Code To $1.4 – UPDATE: Trying to
showcase the sheer strength and achievements of XRP from multiple
time frames: Weekly, 3D, 1D, and 4H.” XRP Price Analysis: 1-Week
Chart Delving into the Weekly Chart, Egrag finds an evident
optimistic momentum. XRP is on the brink of achieving a notable
milestone: sealing a full-body candle beyond the Fib 0.618
retracement level at $0.5119. Egrag notes that the imminent week’s
closure and the definitive form of the candle would serve as a
robust affirmation of this trend. Egrag’s meticulous breakdown
pinpoints vital landmarks for the XRP price trajectory in the
1-week chart. The wicking range is demarcated between $0.3875 and
$0.4719. Any downward breach below $0.3875 might disrupt the
broader chart setup. Related Reading: XRP, Polygon See Month-High
Volumes As Investors Show FOMO Meanwhile, the ranging region, where
XRP could oscillate without clear directional momentum (and which
XRP is currently leaving), is situated between $0.4719 and $0.5119.
Eclipsing the $0.5119 boundary in the weekly timeframe propels XRP
into a bullish domain, leading up to $0.5738 — in sync with the 50%
Fibonacci retracement echelon. The crypto analyst postulates that
the breach of this pivotal price level could catalyze a sweeping
XRP rally. Venturing past the 50% Fibonacci zone might result in a
landscape with scant resistance, potentially allowing XRP to
shatter its annual peak at $0.9310. Concluding his extensive
analysis, Egrag envisages an audacious endgame: a staggering 250%
rally, propelling XRP towards the 1,618 Fibonacci extension at
$1.4695. Shorter Time Frames Switching focus to the 3-day chart,
XRP displays a body candle close above the Fibonacci 0.618
retracement level, indicating its presence in the bullish zone.
Yet, the current shape of the candle is a neutral Harami style,
leaving room for interpretation and lacking a decisive forward
direction. Related Reading: XRP Price Breakout: This Resistance
Level Holds The Key This particular formation, rooted in the
Japanese term for “pregnant,” represents a potential inflection
point in the price movement. Yet, its neutrality necessitates
waiting for more concrete signals. Egrag emphasizes that the
impending candle, closing today, might shed light on pivotal
insights. In the 1-day Chart, the narrative is more assertive. XRP
has successfully wrapped up seven consecutive daily candles beyond
the Fib 0.618 benchmark in the green area. This trend, as Egrag
postulates, radiates a palpable bullish aura. But he also advises
vigilance for a potential retest of the lower boundary of the
bullish green area, which could solidify this foundation. Lastly,
when inspecting the 4-hour chart, a discernible double-top pattern
emerges. With XRP exhibiting resistance to surpass the $0.55 mark,
there is heightened anticipation of a possible double bottom near
$0.50. This movement could pave the way for an assault on the Fib
1.618 zone, around $0.576. The crypto analyst forecasts this as a
precursor to a bullish continuation. At press time, XRP traded at
$0.52073. The 1-hour chart shows $0.5264 as the current key
resistance and $0.5197 as the key support. Featured image from
Shutterstock, chart from TradingView.com
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jun 2024 to Jul 2024
Polygon (COIN:MATICUSD)
Historical Stock Chart
From Jul 2023 to Jul 2024