2024-9-3 00:15 |
XRP experienced a modest start to the week following a turbulent weekend that saw the crypto asset drop below minor support at around $0.56. This movement has signaled a potential continuation of the years-long consolidation pattern observed since 2017.
Meanwhile, despite these fluctuations, analysts remain optimistic about XRP’s potential, with predictions of significant gains. On Monday, analyst “Egrag Crypto” highlighted a rare technical pattern known as the “Bent Fork,” which he believes could signal a substantial surge for XRP.
Notably, the pundit pointed out that within this major pattern, there have been four previous instances of ‘bullish hammer candlestick’ formations, each followed by significant price movements. He further highlighted a similar recent candlestick that could lead to equally impressive gains, suggesting that XRP might experience a rise of up to 5,000% from its current level.
“XRP Candle 133 Historical data reveals 4 distinct Bullish Hammer Candle Stick formations: Candle 1: +750% Candle 22: +40% Candle 42: +43,000% Candle 96: +80% Candle 133: ??? (The big question!)” the pundit wrote. “The high of the Bent fork at $17 is just a 2,400% increase from the current market price, and reaching $27 would be an incredible 5,000% gain.”
Notably, this prediction sparked enthusiasm within the XRP community, with some traders expressing cautious optimism. One respondent remarked, “I wouldn’t say no to $17 or even $27, but I’d be happy if XRP could simply break $1 and maybe even reach $4-5.” Egrag responded, “I’ll be taking some profits at $5, mate, since dollar cost averaging is my go-to strategy.”
Interestingly, Egrag Crypto has been discussing this rare pattern since 2023. Last week, he noted that a “half pump” could lead XRP to around $27, referencing the Fibonacci Channel as a leading indicator on his chart.
Meanwhile, analyst “5.0 Inverted,” known for his unconventional inverted chart analysis, predicted XRP could go to $70 following the much-awaited bullish breakout of the seven-year triangle consolidation pattern.
“Nice multi-years triangle about to EXPLODE very soon, target above $70 per XRP and that’s my lowest price when banks use Ripple net it’ll go higher,” he tweeted.
Additionally, analyst “Jaydee-575” pointed to technical indicators like Bollinger Bands, which have historically signaled major price moves. The pundit suggested that XRP could experience a significant surge, estimating potential targets of up to $5 based on past patterns.
At press time, XRP was trading at $0.56, reflecting a 1.42% surge over the past 24 hours.
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