Notable market analyst EGRAG suggests that XRP could skyrocket to a price range of $50 to $200 amid its next triangle consolidation. His analysis follows a recent downward trend for XRP, which has led to concerns and sustained bearish sentiments among market participants. Currently, XRP trades below the crucial $0.50 psychological level, which had served as support for several months during the market downturn.
Recent Market Activity
XRP briefly retook the $0.50 mark overnight following an unexpected price surge. However, renewed bearish pressure invalidated this momentum, pushing Bitcoin (BTC) below $65,000 for the first time in nearly a month. Consequently, the global crypto market cap dropped 2.3% over the last 24 hours. Despite this, XRP is the only asset among the top 20 to witness a price increase over the last 24 hours, with a modest gain of 0.6%.
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Amid current market conditions, EGRAG remains optimistic about XRP’s future performance, citing data from a 2-month chart. He uses historical context to support his bullish projections. Notably, XRP is currently trading within a symmetrical triangle, formed during the 2018 cycle after XRP reached its all-time high of $3.31 in January 2018. Despite several declines and surges, XRP has not breached the upper or lower boundaries of this triangle.
#XRP NEXT TRIANGLE CONSOLIDATION ✅
— EGRAG CRYPTO (@egragcrypto) June 17, 2024
In the future, newbies will say #XRP is stagnant around $50 instead of $0.50. They will say #XRP only pumped from $50 to $200. They will never comprehend 7 years of conviction and dedication. 😤💪
Even #XRPL Builders are starting to nag and… pic.twitter.com/5WVIYWkvov
EGRAG refers to this formation as the “triangle consolidation,” noting it as the second such pattern in XRP’s history. Before forming this second triangle, XRP surged 914% in mid-2017. After entering the triangle, it continued to experience intermittent yet significant upswings, including a 4,587% rise to its $3.31 ATH.
Predicted Gains And Future Outlook
EGRAG now expects XRP to move into a third triangle consolidation, predicting this upcoming triangle will lead to greater price heights. For example, he anticipates a 914% spike for XRP to reach this triangle position, similar to the mid-2017 surge. Once inside this new consolidation, EGRAG forecasts gains reminiscent of the 2017/2018 cycle.
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Specifically, he believes XRP will first reach $50 and then surge to $200. He predicts that during this period, newcomers will discuss XRP’s stagnation at $50 and later its dramatic spike from $50 to $200. At press time, XRP trades at $0.4937, striving to reclaim the $0.50 level amid broader market turbulence.
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A rise to $200 from this level would necessitate a 40,410% increase. Besides EGRAG, analyst Javon Marks has consistently predicted XRP to reach $200, underscoring the optimism surrounding XRP’s potential growth.
