• 29 May, 2024
News

XRP Monthly Bullish Pennant: Analyst’s Insight Points to Super Bullish Sign

In a groundbreaking development, renowned crypto analyst EGRAG CRYPTO has recently shared his insights on the XRP market, highlighting a significant bullish pattern that has caught the attention of the XRPArmy. The analyst underscores the potential for a substantial price surge based on the formation of a Monthly Bullish Pennant, emphasizing the importance of trading on a monthly time frame to minimize false signals.

According to the analyst, a significant factor is a robust flagpole, which indicates a rapid and substantial increase in price. Combined with the consolidation pennant formation, it presents a favorable opportunity for traders. EGRAG CRYPTO noted that pauses in an uptrend, like the one currently observed in the XRP market, often pave the way for continued upward momentum.

EGRAG CRYPTO further underscored volume’s crucial role in confirming the bullish move’s validity. A surge in trading volume following the breakout is a key indicator of the market’s enthusiasm for the upward move.

For those eyeing potential gains, EGRAG CRYPTO advises measuring the height of the flagpole. This measurement can estimate the target price, providing traders with a tangible goal to work towards.

Source: Chart by EGRAG CRYPTO

It’s worth noting that despite the bullish pattern, it’s important to exercise caution. XRP is on the verge of a significant move, with a potential target of $2. However, it’s worth remembering that XRP is undergoing a retest phase following its recent breakout, which could result in unforeseen volatility.

Currently, XRP is trading at $0.4842, accompanied by a 24-hour trading volume of $790,910,971. Over the last 24 hours, XRP has experienced a 2.91% decline. The circulating supply is 53,387,299,665 XRP coins, with a maximum supply of 100,000,000,000 XRP coins.

EGRAG CRYPTO’s revelations about the Monthly Bullish Pennant in XRP have set the crypto world abuzz. Traders and enthusiasts are closely watching the charts, eager to witness the potential surge towards the coveted $2 mark. The community remains on high alert, poised to seize the opportunity presented by this super bullish sign.

BitMEX Co-Founder Foresees an Impending Economic Recession in Five Years Read Previous

BitMEX Co-Founder Foresees an Impending Economic Recession in Five Years

Bitcoin Resilience Shines as Market Weathers Jim Cramer's Storm Read Next

Bitcoin Resilience Shines as Market Weathers Jim Cramer's Storm