Top Analyst Predicts $37 XRP, But There’s a Catch
Main Idea
Market analyst EGRAG Crypto predicts XRP could reach $37 if it surpasses the 'Chasm line', a recurring resistance level, based on historical price patterns, but notes potential scenarios where it may only reach $11.
Key Points
1. EGRAG Crypto identifies the 'Chasm line' as a key resistance level for XRP, historically influencing its price movements.
2. In the 2017-2018 cycle, XRP broke above the Chasm line and surged 2,000% to an all-time high of $3.31.
3. In the 2020-2021 cycle, XRP failed to breach the Chasm line, peaking at $1.96 before declining.
4. For the current cycle (Cycle 3), EGRAG projects two scenarios: a 420% gain to $11 if XRP reaches but doesn't surpass the Chasm line, or a 2,000% rally to $37 if it breaks through.
5. Another analyst, Chart Nerd, suggests XRP has broken out of a bull flag pattern, targeting $15 with interim support around $2.60.
Description
Market analyst EGRAG Crypto has shared a new technical perspective on XRP, suggesting the asset could reach significantly higher prices if it approaches a long-standing resistance level he refers to as the “Chasm line.” His latest update follows XRP’s recent attempts to stabilize above the $3 mark, a key psychological and technical region. Last month, XRP reached a yearly high of $3.66 but later declined to $2.70, failing to maintain momentum. Currently, the asset is attempting to recover and re...
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