Renowned analyst EGRAG has made a bold prediction regarding XRP, suggesting that the asset could rally to $3 or $4.5 following the breakout and retest of a multi-month trendline.
Taking to X, EGRAG shared points from a technical analysis of XRP’s Weekly Volume Profile Visible Range (VPVR) chart, shedding light on the asset’s potential future trajectory.
According to the analyst, two crucial markers stand out within the VPVR: the Value Area High (VAH) and the Low-Value Area (VAL). These two areas are significant points of interest for XRP on its journey to greater heights.
He noted that VAH signifies the highest price level within the 70% total value area, while VAL represents the lowest price within this range. Presently, VAH rests at approximately $0.55, signifying a significant resistance level, while VAL hovers around $0.14.
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EGRAG’s analysis paints a bullish picture for XRP, as he asserts that the asset broken free from a multi-month trendline also successfully retested the breakout. He believes this retest sets the stage for a potentially substantial upward movement in XRP’s price.
Notably, this multi-month downward trendline formed when XRP plummeted from the $1.96 high in April 2021. The trendline persisted until July this year. XRP broke above it on July 13 following the lawsuit victory. However, amid the correction, the asset has now retested the trendline.
The VAH, situated at $0.55, rests above this trendline. EGRAG believes XRP needs to solidify a position above VAH. He also emphasized that surpassing the $1 mark in weekly candle closures carries structural and psychological significance for XRP.
XRP Could Hit $3 or $4.5
The analyst directed attention to a yellow trendline on the chart, which he believes could pose a formidable challenge in XRP’s future journey. He refers to this trendline as the next macro resistance point for XRP.
Data from the chart shows that XRP’s upcoming rally would hit a barrier at this yellow trendline. According to him, the longer XRP takes to establish sufficient grounds for the rally, the greater its potential value when the rally does come.
Interestingly, should XRP engineer the upcoming rally sooner, it could face the next macro resistance at $3, representing the next hurdle to the rally. However, if XRP takes longer to rally, the next macro resistance would stand at $4.5.
EGRAG addressed the XRP community, urging them to stay resolute. He pointed out that the next time XRP closes above $1 might indicate the end of XRP trading below $1 monthly. With XRP’s current value at $0.5227, hitting $4.5 would necessitate a 761% rally.
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Source: https://thecryptobasic.com/2023/10/07/expert-forecasts-xrp-surge-to-3-or-4-5-following-multi-month-trendline-retest/?utm_source=rss&utm_medium=rss&utm_campaign=expert-forecasts-xrp-surge-to-3-or-4-5-following-multi-month-trendline-retest