EGRAG Crypto, a widely followed analyst in the crypto community, has provided detailed technical analysis and predictions for XRP, a popular cryptocurrency primarily distributed by Ripple.
In a series of tweets dated May 18 and August 23, 2024, EGRAG outlines a strategic vision for XRP, focusing on key technical indicators and potential price movements.
At the heart of his analysis is the concept of the “Genuine Wake-Up Line,” a crucial resistance level that, if broken, could signal a significant upside move for XRP.
May 18, 2024: Introduction of the “Real Wake-Up Line”
In his tweetEGRAG Crypto revisits a concept it had previously introduced – the “Final Wake Up Line”. This line had seen a breakout in July 2023 but did not result in the expected significant price increase. EGRAG is now introducing the “Genuine Wake-Up Line”, a new resistance level highlighted in yellow on its charts.
This line is forming inside a white triangle pattern that incorporates the 2021 highs, suggesting a possible breakout for XRP around the $1.5 mark within this white triangle. Furthermore, he expects a more significant breakout with a target of $7.5 within a larger blue triangle.
EGRAG emphasizes with great conviction the importance of XRP breaking this “real wake-up line,” suggesting that after a successful breakout, a retest of this level could set the stage for a full-scale rally, potentially leading to significant price increases.
The analyst’s long-term target in this framework is $7.5, which he identifies as the first wave of a much larger macro wave 3 and suggests even higher price targets in the future.
August 23, 2024: Update and confirmation
In a Follow Tweet On August 23, EGRAG Crypto reiterated his previous predictions and stressed that his stance and targets remain unchanged. He notes that XRP is holding strong in the $0.55-$0.60 range and that a weekly close above $0.64 could be a critical signal for the next upside move.
According to EGRAG, this could pave the way for XRP to test the $0.70-$0.75 range, which he calls the “real wake-up line.”
EGRAG also informs his followers about the “Atlas Line,” another technical indicator he has discussed before. He acknowledges that this line has been broken, but calls it a “bear trap,” a situation where a price movement temporarily moves in the opposite direction of the expected trend, causing short-term confusion among traders.
Nevertheless, EGRAG remains convinced of its analysis and assumes that the current price consolidation is a harbinger of a significant breakout.
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Key objectives and implications
EGRAG Crypto’s analysis points to several key price objectives for XRP in the short to medium term. The first key target is $1.3-$1.5, which it expects to be reached before a retest of the triangle breakout.
He then expects a move towards the 1.618 Fibonacci level at $6.4, which he identifies as the first major target within the larger upwave. This level is significant because it is often considered a key resistance point in technical analysis where price action tends to consolidate before potentially continuing in the direction of the trend.
EGRAG’s long-term outlook remains bullish, with the $6.4 target being part of a larger wave structure that could ultimately lead to a triple-digit price for XRP. He advises the XRP community, often referred to as the “XRP Army,” to remain steadfast and patient, as the current technical configuration could lead to significant gains if the predicted breakouts materialize.
Disclaimer: This content is for informational purposes only and should not be considered as financial advice. The views expressed in this article may include the personal opinions of the author and do not represent the opinion of Times Tabloid. Readers are urged to conduct thorough research before making any investment decisions. Any actions taken by the reader are solely at their own risk. Times Tabloid is not responsible for any financial loss.
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