Renowned cryptocurrency analyst Egrag Crypto has shared his latest insights on XRP. In a recent X post, the analyst highlighted that the monthly time frame candle formation for XRP is exhibiting a highly promising pattern that signals a significant price surge in the near future.
Egrag Crypto highlighted the previous month’s candle, demonstrating a 75% Inverted Hammer Formation at its base. This particular pattern is regarded in technical analysis as a strong bullish indicator. The Inverted Hammer Formation suggests that sellers have been exhausted and buyers are gaining strength, setting the stage for a potential upward price movement. Egrag’s analysis points to this formation as a key indicator that XRP is poised for a notable price increase.
Building on the bullish candle formation, the analyst predicts that XRP could reach the $0.75 mark shortly. He emphasizes that this surge could happen soon, with July 2024 being a pivotal month for XRP. Egrag’s confidence in this forecast is underscored by his statement that July will be a period of “fireworks” for XRP, indicating substantial market activity and potential gains.
The analyst addressed the XRP community, encouraging them to remain patient and optimistic. He used a powerful metaphor, describing the forthcoming market movement as “THOR’S HAMMER” smashing through all resistance. This vivid imagery conveys the strength and decisiveness he expects in XRP’s price action, suggesting that current resistance levels would be overcome with significant force.
Crypto Market Mixed: Bitcoin (BTC) Steady at $69K, Toncoin (TON) and BNB RiseThe price of XRP stands at $0.5286 at press time, marking a 1.17% increase over the past 24 hours. Despite this recent uptick, the cryptocurrency has experienced a slight decline of 0.01% over the past seven days, reflecting some volatility in its market performance.
Regarding trading activity, XRP has seen a 24-hour trading volume of $1,273,434,472. This substantial volume underscores the active interest and participation in XRP trading, even amid its fluctuating price movements.
By July 2024, the Ripples community is on the lookout for the price increase as was foretold. Egrag Crypto’s analysis of the market alongside his exciting predictions has managed to restore hope to the investors. As per his forecasts, XRP may rise and thus strengthen its place within crypto space.
