Prominent crypto expert, Egrag, isn’t deterred from his opinions about the future price action of XRP. The analyst has listed the challenges and possible driving forces the Ripple token will encounter on its way to the $27 target.
Egrag took to Twitter to share his analysis from previously compiled charts and technical indicators on XRP. The analysis tagged “The Bermuda Triangle Chart” highlighted seven key points in XRP’s march to $27 in the coming months.
XRP Will Hit $27 If It Conquers These Challenges
Egrag Crypto, as he’s popularly known on Twitter, addressed these points in previous analyses. First, he identified the Seven Arcs, which provides seven Fibonacci circle price targets. Analysts draw these arcs around crucial price levels, specifically at the resistant points, as seen on Egrag’s chart.
The first arc stands at $0.60, the third at $1, and the seventh is at $27. This analysis suggests that XRP has to conquer each arc point to reach the $27 mark. Also, Egrag set XRP’s clearing price at $1.90.
The clearing price is the equilibrium fiat value of an asset at which the number of buyers equals sellers. Simply put, XRP’s clearing price is the price at which asset demand equals supply.
#XRP Bermuda Triangle $27:
This Chart (Bermuda Triangle Chart) is a combination of previous Charts & Key factors stated by @egragcrypto on previous #XRP Charts. #XRP Price will disappear from the Bermuda Triangle & will never be seen within the triangle.
1) The Seven Arcs:… pic.twitter.com/zrC8BJGpbo
— EGRAG CRYPTO (@egragcrypto) May 1, 2023
Furthermore, the analyst highlighted the atlas line, a diagonal line drawn at the price level that supports XRP during a sharp decline. According to Egrag, XRP must break above the atlas line by every means possible. However, that can only happen with a price rally, as observed between 2015 and 2017 and between 2017 and 2022.
Egrag’s analysis didn’t end there. He also pointed out other crucial price points XRP must conquer as it moves to $27. One of these is the Final Wake-up Line. He believes the coin will move to a fierce zone tagged The Red Lake after conquering the final wake-up line.
The red lake is among the determinant regions for a successful rally to $27. It is where the bulls and bears will fight to control the XRP’s next price point. The second and third arcs (part of the Seven Arcs) lie within the red lake.
The Stratosphere And Blue Ocean Regions
In the analysis, Egrag mentioned the Stratosphere and Blue Ocean regions. He stated that breaking above the red lake region would propel the coin to the point he tagged the stratosphere.
The stratosphere does either of these things: it could push its price higher or resist further increases for several months.
Nevertheless, once it breaks above the stratosphere region, the price would likely surge, reaching the blue ocean region. The blue ocean is the price region where sharks and whales take control. There, the sharks and whales accumulate chunks of tokens.
The blue ocean represents a price point where it’ll witness high demand from mid-sized and whale investors with deep pockets.
Notably, four of the seven arcs lie within the blue ocean region. Ultimately, the price could ultimately hit the $27 mark once it conquers the blue ocean region.
Featured image from PIxabay and chart from Tradingview
Source: https://bitcoinist.com/challenges-for-xrp-to-claim-27/