- Egrag emphasizes using multiple indicators for more accurate market predictions.
- Ripple’s (XRP) cup pattern breakout signals a potential bullish move toward $13.
- Egrag stresses combining various signals to reduce risk in volatile crypto markets.
Analyst Egrag Crypto has shared his insights on XRP’s potential in the market. On Wednesday, in an X post, he emphasized that analyzing multiple indicators, charts, and patterns helps predict market trends. According to the analyst, incorporating multiple signals improves probability estimates and leads to better trading decisions.
The analyst focused on a particular formation in XRP’s chart, namely the cup formation. This technical formation is usually interpreted as a signal for increasing the price. According to the analyst, XRP’s price is moving as expected, with the cup pattern breakout underway. He observed that the pattern had evolved as expected in an ellipse curve, a clear signal for traders.
XRP Price Targets
One of the questions that emerged from his analysis was the price of XRP during this bullish process. Egrag estimated that XRP could potentially reach $13. While this remains a projection, XRP is expected to rise steeply, which could be significant for the altcoin market. If XRP reached $13, it would rise heavily and attract more traders and investors to buy that currency.
He also stressed the importance of using more than just chart patterns as indicators. He continued that since the cryptocurrency market cannot be quickly predicted, several aspects would help minimize unreliable results. In this case, traders will be better positioned to take advantage of environmental price changes due to the availability of a wide range of signals.
Related: XRP/XAU: Is a 1000% Bounce Possible? Here’s What to Know
As of press time, XRP is trading at $2.41, which is 2.9% lower than the previous 24 hours. In the past week, the market has declined the value of digital assets by 4.63%. The trading volume of XRP is $4.39 billion over the 24 hours, showing active trading regardless of the occasional change in the price of the XRP.
Another crucial focus is whether the cryptocurrency will break the $13 price range. If this prediction comes true, it would be a major milestone for XRP, solidifying its status in the crypto market.
