Egrag Crypto, a crypto analyst on . In financial charts, the GRB analogy reflects a price increase of significant magnitude and speed, comparable to the intense energy release of a cosmic GRB.
For his prediction, Egrag uses a Fibonacci Channel (Fib Channel), a technical analysis tool that traders use to identify potential levels of support and resistance based on the Fibonacci sequence. A Fib channel is constructed by drawing a trendline between two extreme points, usually a high and a low, and then dividing the vertical distance by the key Fibonacci ratios. These levels are parallel lines that run across the chart and can act as marks for price targets or reversals.
Cosmic XRP Price Targets
The 1-month chart of XRP/USD shared by Eggag on X outlines these Fib levels. Egrag notes: “As we reflect on XRP’s potential to mirror its 2017 trajectory, analyzing current price positions reveals crucial numbers within The Fib Channel.” Accordingly, the important future price points are at $2.2 (0.236 Fib), $5.8 (0.382 Fib), $11 (0.5 Fib), $33 (0.702 Fib) and finally the high at $220 (1.0 Fib).
Additionally, the analysis identifies the two “Bull Market Lines” on the chart, which have played a significant role in past XRP price movements. Egrag’s analysis anticipates a third encounter with these lines, a possible indicator of a new uptrend.
The first meeting occurred when the XRP price crossed the first ‘bull market line’ in March 2017. The XRP price rose by a whopping 60,000%, from $0.005 to $3.30, the current all-time high. This now also forms the starting point for the second bull market line, with the second connecting point derived from the April 2021 high of $1.97.
According to Egrag, the XRP price currently needs to cross the $1.20 mark to cross the “Bull Market Line – 2”. A boost to this could be a crossover of the Simple Moving Average (SMA) and 24 SMA on the 1-month chart.
Egrag notes: “Once the bullish cross occurs, almost 1 month later, the XRP bull run begins,” in line with historical price action marked on the chart as ‘Cross 1’ and ‘Cross 2’. The analyst suggests a similar crossover is imminent and predicts a shift from a bearish to a bullish market. Notably, the crossover took place in late December 2023 and early January 2024.
Egrag’s comment on the social platform It will be a GRB event.”
Momentum has yet to turn bullish
In conclusion, Egrag’s analysis presents a bullish case for the altcoin, with precise price targets and technical indicators to guide potential future moves. However, as with all market analysis, investors are advised to exercise caution and conduct their own research.
The XRP price has not done well in recent months. Despite Ripple’s big win in the XRP lawsuit, the price has lost all its gains. At the time of writing, XRP was trading below the 200-day exponential moving average (EMA), which is considered the “bull line” in technical analysis.
Featured image from iStock, chart from TradingView.com
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