The XRP price has been languishing in a protracted consolidation phase recently. Yet, a recently presented technical forecast by chart specialist Egrag Crypto suggests an impending shift in this trend may be on the horizon. The 5-day XRP/USD chart shared by Egrag suggests a potential price breakout, with a long-term price target above $22.
Egrag’s is vivid and emphatic: “XRP: IT IS BREWING: The chart for XRP is tightening up like a pressure cooker ready to blow! An eruption seems inevitable, and the anticipation is rising faster than ever. XRP Army STAY STEADY, The pressure is mounting, and it looks like something massive is about to break loose!”
XRP Price Breakout Is Brewing – Here’s When
The chart features a symmetrical triangle pattern. This pattern in technical analysis often represents a consolidation period preceding a breakout. Since early 2017, the XRP price has been fluctuating within these converging trend lines, suggesting a tightening range that typically precedes significant price movements.
Moreover, Egrag Crypto points to a number of Fibonacci retracement levels. According to the chart, these levels are poised to act as key resistance points. The most immediate level to watch is the 0.5 Fibonacci level at approximately $0.7579, followed by the 0.618 level at around $1.1150. The chart indicates a bullish scenario where the price could break past these levels, aiming for a target at $1.9704, corresponding to the 1 Fibonacci level.
XRP price analysis | Source: X @egragcrypto
Egrag also presents two possible scenarios for the price breakout from the symmetrical triangle. In the first scenario, he anticipates the XRP price could break out of the pattern around February 10, requiring a breach above the 0.5 Fibonacci retracement level. This move would pave the way for targeting the $1.1150 level, expecting strong resistance there and a subsequent retest of the breakout level, potentially setting up for a parabolic rise into 2025.
Alternatively, Egrag suggests a scenario where the XRP price initially declines towards the lower trend line. If the support holds, the price could ascend towards the upper trend line, with a breakout expected around July 4, 2024, at the 0.5 Fibonacci level. Following this, the 0.702 Fibonacci level at $1.1150 would act as a local high before a retest of the breakout from the symmetrical triangle occurs, potentially establishing the conditions for a massive bull run.
In both scenarios, the medium-term target would be the 2021 high at $1.9704, followed by the $3.7148 level, corresponding to the all-time high of XRP. In price discovery mode, the 1.618 and 2.272 Fibonacci extension levels are identified by Egrag as long-term goals, standing at $6.41 and $22.39, respectively.
At press time, XRP traded at $0.6335. On the daily chart, the 0.382 Fib retracement level at $0.6379 is currently the most important resistance to overcome in order to build up new momentum.
XRP price continues its sideways trend | Source:
Featured image from iStock, chart from TradingView.com
Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with ktsl888.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.
Read more
His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.
Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.
For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.
As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.
In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.
You can engage with his latest takes on Twitter: @realJakeSimmons.
Close
Disclaimer: The information found on NewsBTC is for educational purposes
only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any
investments and naturally investing carries risks. You are advised to conduct your own
research before making any investment decisions. Use information provided on this website
entirely at your own risk.
