XRP Dips Are For Buying: Analyst Predicts Price Rally To $22
February 02 2024 - 3:00PM
NEWSBTC
Despite the XRP price’s recent decline, Crypto analyst Egrag Crypto
has provided a reason to believe that this presents the perfect
opportunity to accumulate more of the token rather than lose
conviction in its potential. XRP On Its Way To $22 Soon?
Egrag recently hinted in an X (formerly Twitter) post that XRP
could rise to $22 soon enough. The accompanying chart he shared
showed that the crypto token will hit this price level if it
follows the green route, which the analyst has constantly alluded
to. In an X post made last year, Egrag suggested that XRP could hit
$22 in July this year if the green route were followed.
Related Reading: Bitcoin To $5 Million? S2F Model Predicts When
This Will Happen Meanwhile, in his more recent analysis, he also
touched on a Symmetrical Triangle that was currently forming.
According to Egrag, XRP price dips are buying opportunities as long
as the crypto token maintains its Symmetrical Triangle Formation.
Interestingly, crypto analyst Jaydee also recently mentioned this
bullish pattern. However, in his analysis, Jaydee stated that
the Symmetrical Triangle had already formed on the monthly chart.
This chart pattern is significant as it is said to have been the
trigger for XRP’s parabolic move back in 2017 when it recorded
gains of over 30,000%. Following the formation of this
pattern, the analyst expects the MACD (Moving Average Convergence
Divergence) to cross zero in the coming months, with the parabolic
move coming after. The accompanying chart that Jaydee shared
suggested that XRP could rise well above $12 when this move to the
upside occurs. Token price establishes support at $0.5 |
Source: XRPUSD on Tradingview.com The Wave 2 Analysis In his most
recent X post, Egrag analyzed XRP’s current price movement. The
analyst believes that XRP’s Wave 2 correction will follow a regular
pattern and expects that the corrective Wave C won’t dip below
$0.41. However, if that doesn’t happen, he noted that there is the
possibility of Wave C dropping to between $0.35 and $0.40.
Related Reading: Here Are The Largest Institutional Buyers Of
Bitcoin This Week He went on to state that XRP staying above the
$0.28 level is very key from a macro standpoint. XRP dropping to
that will no doubt paint a very bearish outlook for the crypto
token. Whatever happens, Egrag remains bullish on XRP as he called
on XRP holders to get ready for the “big mega boom coming soon.” In
his opinion, there would be a life-changing opportunity for the XRP
community between now and 2025. Considering that the analyst had
already predicted XRP to hit $5 in 90 days, this life-changing
opportunity could well come sometime in April. At the time of
writing, XRP is trading at around $0.50, up over 2% in the last 24
hours, according to data from CoinMarketCap. Featured image from
CoinMarketCap, chart from Tradingview.com
Internet Computer (COIN:ICPUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
Internet Computer (COIN:ICPUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024