Renowned cryptocurrency analyst Egrag Crypto has sent ripples through the XRP community with a daring forecast, envisioning a substantial surge that could propel XRP to $5 within the next three months. Egrag Crypto highlights three key factors from the chart analysis that contribute to this bullish prediction.
Blue Channel vs. Red Channel
Egrag Crypto looked at how two channels, the Blue and Red, might work together in a way that could make the price of XRP drop quickly to 0.28c and then go up to 0.41c. He noticed that XRP has been spending a lot of time in the blue channel for almost 600 days since May 2022, compared to 580 days in the red channel before it went up a lot.
Even though there’s some difficulty, the bottom part of the blue channel seems strong, showing a pattern of not going too low. Egrag also thinks that if Bitcoin’s price falls, it might affect XRP, making some people sell because they’re not sure. This could be a way for big players in the market to get rid of people who might sell easily.
Upper Targets for Bull Run
Further Egrag Crypto says it’s important to look at specific levels like 0.60c, 0.75c, 0.95c, and $1.3. If XRP closes higher than any of these levels for a whole week, it’s a good sign. It means there’s strong support, and the price might keep going up. These levels, found using channel analysis, help us understand how prices might act in a big way.
Caution in Volatility
Considering the chance for a big change in percentage, similar to what happened in 2017-2018, Egrag Crypto thinks that a 50% drop could happen. He wants to make sure everyone is ready for anything and strongly advises against using too much-borrowed money (leveraging) to avoid big losses.
Even though it might be tough, Egrag Crypto sees this situation as a rare chance for people from different generations to buy in at a good price. He even advises maintaining composure as market makers may engineer an independent surge that could potentially propel XRP to $5 in the next 90 days.
Source: https://coinpedia.org/news/xrp-price-poised-for-10x-rally-in-next-3-months-only-if-this-happens/