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HomeCrypto NewsMarketXRP on Track to Reclaim $1, Analyst Forecasts

XRP on Track to Reclaim $1, Analyst Forecasts


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Egarg’s forecast is built on forming a W pattern in XRP price movements.

Egrag Crypto, a notable yet pseudonymous crypto analyst, recently forecasted that XRP would reclaim the much-coveted $1 threshold following two W patterns formed by the asset in its price movements. The last time XRP saw the $1 price territory was in November 2021.

Egrag considered the W trading pattern in his recent analysis. The W pattern is a technical analysis pattern that can signal a potential reversal in the price of an asset. It is named after its distinctive shape, which resembles the letter “W.” The W pattern can be bullish, indicating that the price has found support and may be reversing its downward trend.

Egrag highlighted several W patterns to drive home his point. In a follow-up analysis of his previous price forecast from April 1, he pointed out that XRP’s price movements from as far back as May 2022 have successfully formed two distinct W patterns, which he labeled patterns A and B.


He mentioned that forming the A and B patterns is a precursor to forming a bigger W pattern that would result in an XRP surge to $0.85 if it plays out. According to Egrag’s chart, should this W pattern materialize, it would lead to a recovery of $0.85 this month on the non-log scale.

In addition, he noted that an enduring run would lead to an XRP surge to the coveted $1 price target on the logarithmic scale. Data from his charts implies that this could occur in April. XRP has not reclaimed the $1 price point since it dropped below the territory on Dec. 1, 2021.

XRP Short-Term Price Speculations 

Egrag highlighted the significance of XRP staying above the $0.50 price level in the short term. According to him, the asset is in the middle of the Gaussian Channel on the weekly time frame, and closing above $0.50 is crucial for the asset’s bull run to continue.


He posited that if XRP can bounce from the $0.50 price level, its next target would be the $0.64 price point. Furthermore, should the asset close above $0.64 weekly, this would signal the start of a “mega pump.” However, this should not serve as investment advice. XRP is trading for $0.5148, up 10.50% in the past week.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.



Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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