Renowned crypto analyst Egrag Crypto offered a bullish outlook on XRP, highlighting its strength within the “Launching Channel.” In a recent X post, the analyst emphasized that XRP is “holding strong LIKE A BOSS,” with the channel displaying partial wicking candles and an ascending consolidation at its upper end, indicative of significant bullish momentum.
Egrag Crypto underlined the importance of the “Launching Channel” on a weekly timeframe, suggesting that any loss of this channel could be a cause for concern. However, until such an event, he remains confident that XRP is preparing for the “Ignition stage.” Should XRP close above this channel with confirmation, it could propel its price to the ‘Major Target’ Fibonacci 1.618 level at $6.4.
According to the analyst’s earlier X post on the XRP/BTC pairing from May 1, 2024, he expressed cautious optimism about this pairing, contingent upon closing above the 0.000010 mark. Drawing parallels to 2017, Egrag Crypto noted a historical pattern in which the XRP/BTC pair bounced from the “YOLO Band” before experiencing a significant 45% dip, which later became a lucrative buying opportunity.
The analyst highlighted that the current market conditions might see a similar 45% decline, suggesting a potential bottom for XRP/BTC between 0.00000555 and 0.00000771. A rebound from the higher end of this range at 0.00000771 would be less severe. However, Egrag Crypto stressed the importance of converting the major resistance level at 0.000010 into solid support, which would be a crucial factor in affirming a bullish reversal.
As of press time, XRP is trading at $0.5052, demonstrating a modest gain of 0.05% within the last 24 hours. However, over the previous week, there has been a noticeable decline in its value, amounting to a 6.88% decrease. Addressing the XRP community, the analyst advised staying steady and patient, as the next three to six months could present a transformative period for the cryptocurrency.
Egrag Crypto’s analysis presents a promising outlook for XRP, with key levels to watch and potential for significant gains, provided the outlined conditions are met. The next few months are anticipated to be pivotal for XRP investors, offering both challenges and opportunities in the evolving crypto landscape.
