Despite the XRP price’s recent decline, Crypto analyst Egrag Crypto has provided a reason to believe that this presents the perfect opportunity to accumulate more of the token rather than lose conviction in its potential.
XRP On Its Way To $22 Soon?
Egrag recently hinted in an X (formerly Twitter) post that XRP could rise to $22 soon enough. The accompanying chart he shared showed that the crypto token will hit this price level if it follows the green route, which the analyst has constantly alluded to. In an X post made last year, Egrag suggested that XRP could hit $22 in July this year if the green route were followed.
Meanwhile, in his more recent analysis, he also touched on a Symmetrical Triangle that was currently forming. According to Egrag, XRP price dips are buying opportunities as long as the crypto token maintains its Symmetrical Triangle Formation. Interestingly, crypto analyst Jaydee also recently mentioned this bullish pattern.
However, in his analysis, Jaydee stated that the Symmetrical Triangle had already formed on the monthly chart. This chart pattern is significant as it is said to have been the trigger for XRP’s parabolic move back in 2017 when it recorded gains of over 30,000%.
Following the formation of this pattern, the analyst expects the MACD (Moving Average Convergence Divergence) to cross zero in the coming months, with the parabolic move coming after. The accompanying chart that Jaydee shared suggested that XRP could rise well above $12 when this move to the upside occurs.
Token price establishes support at $0.5 | Source: XRPUSD on Tradingview.com
The Wave 2 Analysis
In his most recent X post, Egrag analyzed XRP’s current price movement. The analyst believes that XRP’s Wave 2 correction will follow a regular pattern and expects that the corrective Wave C won’t dip below $0.41. However, if that doesn’t happen, he noted that there is the possibility of Wave C dropping to between $0.35 and $0.40.
He went on to state that XRP staying above the $0.28 level is very key from a macro standpoint. XRP dropping to that will no doubt paint a very bearish outlook for the crypto token. Whatever happens, Egrag remains bullish on XRP as he called on XRP holders to get ready for the “big mega boom coming soon.”
In his opinion, there would be a life-changing opportunity for the XRP community between now and 2025. Considering that the analyst had already predicted XRP to hit $5 in 90 days, this life-changing opportunity could well come sometime in April.
At the time of writing, XRP is trading at around $0.50, up over 2% in the last 24 hours, according to data from CoinMarketCap.
Featured image from CoinMarketCap, chart from Tradingview.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.