The XRP Diamond Pattern has played out exactly as expected, bursting upwards through the Diamond Structure. The pattern would remain valid as long as the price remains above 0.34c mark.
Yesterday, Egrag Crypto, a renowned cryptocurrency analyst took to X with an exciting update for the crypto community:
Back in March 2023, Egrag Crypto spotted a diamond bottom on the XRP chart, which indicated the path of the digital asset toward $10. Diamond Bottom is not a common formation, according to Egrag, but chartists regard it as a strong bullish reversal pattern. He believes it is usually an indicator of an anticipated reversal of the present trend, especially when accompanied by a bearish reversal.
Diamond formations are a make-or-break neutral pattern on financial assets with a 50/50 possibility of breaking in any direction. Regardless of the formation’s breakout orientation, these diamond-shaped formations are generally found at the top or bottom of trends. The ultra-rare pattern spotted on BTCUSD and XRPUSD price charts has been named after the rare precious gemstone diamond.
Later on July 10, Egrag stated that the XRP diamond pattern is still quite active and may be valid through the end of August 2023. However, if XRP is still unable to break through the barrier by October 2023, the chartist believes the pattern would become invalid.
However, this pattern could lose its validity between October 30, 2023 and March 2024. This time period may include some sideways movement, but the formation may continue to perform its predicted moves.
The current price is $0.50 per XRP, up 0.22% in the last 24 hours. XRP is 87.05% below the all-time high of $3.84. The current circulating supply of the token is 52,977,697,600 XRP.
