Market analyst EGRAG has charged investors to buy every XRP dip as long as the asset remains within an identified symmetrical triangle, projecting an imminent rally to $22.
EGRAG’s recent update on XRP’s price movements builds on an earlier analysis presented last year. On Dec. 13, 2023, while XRP traded at $0.5984 amid an observable uptrend, the analyst noted that the crypto asset was trading in a symmetrical triangle.
Interestingly, this symmetrical triangle has persisted since 2017, leading to lower highs and higher lows for XRP. EGRAG further revealed that the crypto asset could follow one of two paths on its journey to break above the symmetrical triangle.
He designated these two paths with green and blue lines. Notably, data from EGRAG’s chart suggests that XRP’s preferred trajectory would depend on whether the token drops from the $0.59 level in early 2024 or if it sustains the uptrend into the new year.
If XRP maintains the uptrend into early 2024, the chart indicates that it could follow the blue trajectory, rallying to a high of $6.41. However, should the crypto asset register a decline in early 2024, EGRAG’s chart expects it to recover from the decline and surge to $22 eventually.
XRP Possible Trajectories | EGRAG Crypto
In his December 2023 analysis, the analyst revealed that he believes XRP is more likely to follow the blue path. Nonetheless, he emphasized that the green trajectory is also very plausible.
XRP Aims for $22
The latest report posted recently, confirmed that XRP followed the green trajectory amid the ongoing market-wide turbulence that saw it collapse to the lower spectrum of the $0.5 level. Despite a mild recovery in the past two days, XRP remains in a downtrend.
XRP Symmetrical Triangle | EGRAG Crypto
EGRAG charged investors to continue to procure more XRP whenever the asset records these dips. However, he cautioned that this accumulation spree should only persist if XRP remains within the symmetrical triangle despite the drops.
Now that XRP has followed the green trajectory, data from the chart suggests it could see a rally to the $22 territory, representing a 4,047% surge from the current price of $0.5305.
Read the full article here