Analyst Sets $7.5 as Next Critical XRP Target After Breakout of Multi-Month Triangle

Crypto market analyst EGRAG expects XRP to reach $7.5 as its next critical target following a breakout from a multi-month symmetrical triangle.

EGRAG disclosed this in an analysis of XRP price action from mid 2020 till date. Data from his chart confirms that XRP has been trading within a larger yellow-labeled symmetrical triangle since 2020, recording lower highs and higher lows since it slumped from the $1.96 high in April 2021.

A Multi-Month Symmetrical Triangle

Symmetrical triangles typically feature two converging trendlines. The analyst called attention to these trendlines, labeling the upper descending trendline the “genuine wake up line” and the lower ascending triangle the “atlas line.” While the genuine wake up line has mounted resistance against any price explosion, the atlas line has served as support.

Interestingly, after retesting the genuine wake up line amid the spike to $0.93 last July, XRP formed a smaller white-labeled symmetrical triangle within the larger yellow-labeled one. For context, after XRP surged to $0.93 in July 2023, it faced a major correction, recording a downtrend since then.

Now, despite the ongoing market drop that has pushed XRP below the $0.50 psychological support, EGRAG believes a breakout from the white-labeled triangle is imminent. He expressed confidence that this breakout will surely occur, setting up an initial target of $1.5 for XRP immediately after the breakout.

#XRP ATLAS LINE – $7.5 is Target Number 1 (UPDATE): 🌟🚀✨

A) With high conviction, I can say that #XRP will break the White Triangle and hit the measured move at $1.5. 💪💎

B) Moreover, the Fib 1.618 zone ($6.5-$7.5) is critical, and taking profits will happen here. 📈💰

C)… pic.twitter.com/MyKqoczSa3

— EGRAG CRYPTO (@egragcrypto) June 10, 2024

XRP Targets $7.5

Remarkably, beyond the $1.5 target, EGRAG sets an ambitious $7.5 price goal, representing a massive 1,457% increase from XRP’s current price. Notably, this price territory aligns with the Fibonacci 1.618 zone, which the analyst regards as a critical target level between $6.5 and $7.5.

He noted that profit-taking trades would occur at this price level, emphasizing its significance. While this target might appear audacious to some market participants, EGRAG expects XRP to transcend it to greater heights. According to him, if XRP secures a weekly close above Fib. 1.618, it would soar to the Fib. 2.414 and 2.618 territory.

EGRAG revealed that this territory aligns with mid-double digit prices. When asked about specifics, the analyst mentioned $25 to $45. With most investors pointing out the ambitious nature of these targets, some have cited the XRP ETF, the upcoming stablecoin and the growing XRPL DeFi ecosystem as potential developments that could help drive prices to these levels.

Meanwhile, XRP continues to face turbulence below the $0.50 level, currently trading for $0.4815, with a 3.7% drop over the past 24 hours. At the current position, XRP’s relative strength index (RSI) has dropped to 32, potentially leaning toward oversold levels. A slump below 30 would indicate that XRP is due for a price reversal.