2023-10-23 13:40 |
Egrag, a crypto analyst, today presented his medium-term predictions for the XRP price on X (formerly Twitter). He backed up his projections with the 3-day chart and pointed out several potential price points that investors should watch out for.
Analysis Of The 3-Day Chart XRP/USDEgrag’s chart, based on Binance’s 3-day XRP/USDT pair, suggests that XRP is currently in the midst of a crucial breakout retest phase. He emphasized the current market dynamics by saying, “What’s happening right now is merely a retest of the breakout; the true pump is still on the horizon, and it’s bound to be epic!”
The analyst highlighted XRP’s triumphant rally from mid-July, which surpassed his original target of $0.85 and rose to a commendable $0.93, surpassing the original price target by 9.41%. Egrag’s 3-day chart shows a descending trend line, which the analyst calls the “Final Wake Up Line.”
According to him, the breakout above the trend line on July 13 after the summary judgment in the lawsuit between Ripple Labs and the US Securities and Exchange Commission (SEC) was the final wake-up call for investors who were still waiting on the sidelines.
Currently, the XRP price sits at around $0.52. As the analyst shows in the chart, XRP has experienced a retest of the trend line and passed it with flying colors. In particular, Egrag also points out that XRP was able to stay above the 0.236 Fibonacci retracement level at $0.4534.
This laid the foundation for the XRP price to enter bullish territory at this point. However, the price still faces the resistance zone between $0.55 and $0.60, which Egrag calls the “backbone junction”. Noteworthy is that the upper end of the price range coincides with the 0.382 Fibonacci retracement level. Exceeding this resistance is crucial, especially because it has provided strong resistance several times in the past.
Once this is accomplished, Egrag’s medium-term XRP price targets will come into focus. As explained, he has made an adjustment to his price targets as a result of the July increase. Due to the 9.41%-higher July rise compared to his original price target, Egrag now expects XRP to rise to $1.10 (instead of $1) in an initial rally.
Egrag has also raised the $5.5 price target to around $6, and the previous $6.4 benchmark has been recalibrated to nearly $7. He stated:
So, if we apply this same percentage increase to our upcoming targets, here’s what we can look forward to:
A) $1 * 9.41% = Approximately $1.10
B) $5.5 * 9.41% = Roughly $6
C) $6.4 * 9.41% = About $7
Lower Price TargetsEgrag’s analysis is based on several Fibonacci levels and shows potential resistance points. These are the Fibonacci 0.5 ($0.7528), 0.618 ($0.9442), 0.702 ($1.1095), 0.786 ($1.3038), 1 ($1.9664), and the Fibonacci extension levels at 1.272 ($3.3153), 1.414 ($4.3546), and 1.618 ($6.4420).
Overall, the analysis suggests that XRP’s upward momentum is likely to continue and build on its recent successes. The recent rise in price above the analyst’s lower target suggests robust upside sentiment in the market. However, investors should remain keenly aware of the crypto market’s inherent unpredictable nature and exercise due diligence at all times.
Egrag ended his tweet on an encouraging note for the community, “XRP Army STAY STEADY, We’re advancing step by step towards our exciting targets.”
At press time, XRP traded at $0.5291.
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