A new XRP price prediction from notable crypto analyst EGRAG CRYPTO has investors excited. Based on a multi-timeframe analysis, Egrag believes that XRP is showing significant strength, indicating a potential upside to $1.4. The analyst explained his predictions in a tweet, saying: “XRP color coded to $1.4 – UPDATE: I’m trying to show the massive strength and performance of XRP from multiple time frames: weekly, 3D, 1D and 4H.”
XRP Price Analysis: 1 Week Chart
Delving into the Weekly Chart, Egrag finds a distinctly optimistic momentum. XRP is about to reach a notable milestone: sealing a full-body candle beyond the Fib 0.618 retracement level at $0.5119. Egrag notes that the upcoming close of the week and the final shape of the candle would serve as a strong confirmation of this trend.
Egrag’s meticulous breakdown points out crucial landmarks for the XRP price trajectory on the 1-week chart. The wicking range is between $0.3875 and $0.4719. Any downside break below $0.3875 could disrupt the broader chart setup.
Meanwhile, the region where XRP could fluctuate without clear directional momentum (and which XRP is currently exiting) is between $0.4719 and $0.5119. Crossing the $0.5119 mark in the weekly time frame pushes XRP into a bullish domain, leading up to $0.5738 – in sync with the 50% Fibonacci retracement echelon.
The crypto analyst argues that the breach of this crucial price level could catalyze a major XRP rally. Venturing past the 50% Fibonacci zone could result in a low-resistance landscape, potentially allowing XRP to break its yearly peak at $0.9310. Concluding his extensive analysis, Egrag foresees a bold endgame: a staggering 250% rally, pushing XRP towards the 1.618 Fibonacci extension at $1.4695.
Shorter time frames
Shifting focus to the 3-day chart, XRP shows a body candle close above the Fibonacci 0.618 retracement level, indicating that it is in the bullish zone. Yet the current form of the candle is a neutral Harami style, which leaves room for interpretation and lacks a decisive forward direction.
This particular formation, rooted in the Japanese term for “pregnant,” represents a potential turning point in price movement. Yet its neutrality makes it necessary to wait for more concrete signals. Egrag emphasizes that the approaching candle, which closes today, could shed light on crucial insights.
In the 1-day chart the story is more assertive. XRP has successfully completed seven consecutive daily candles above the Fib 0.618 benchmark in the green area. This trend, as Egrag postulates, exudes a palpable bullish aura. But he also advises vigilance for a possible retest of the lower bound of the bullish green area, which could strengthen this base.
Finally, inspecting the 4-hour chart, a discernible double-top pattern emerges. With XRP showing resistance to cross the USD 0.55 mark, expectations are increasing of a possible double bottom near USD 0.50. This move could pave the way for an attack on the Fib 1.618 zone, around $0.576. The crypto analyst predicts that this is a harbinger of a bullish continuation.
At the time of writing, XRP was trading at $0.52073. The 1-hour chart shows $0.5264 as the current key resistance and $0.5197 as the key support.
Featured image from Shutterstock, chart from TradingView.com
