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.
#XRP (0.85C – $1.00 is Coming):
Men & Women Lie But Numbers & Charts Don't Lie.
The below 'W' Patterns played out as expected.
The 'A' & 'B' 'W' Formation r part of a bigger 'W' Pattern that if played out as expected will pump #XRP tp 0.85c to $1 based on both scales Log &… https://t.co/2i5gehtPgC pic.twitter.com/FqsnpOo04l
— EGRAG CRYPTO (@egragcrypto) April 2, 2023
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.
#XRP Gaussian Channel – Weekly TF (0.50c):
Another reason why 0.50c should not be broken on the weekly time frame. It is the middle of the Gaussian Channel.
Bouncing from 0.50 will take us to 0.64c, closing above 0.64c will be the clear signal for Mega Pump. #XRPArmy STAY… pic.twitter.com/MPt37POEMX
— EGRAG CRYPTO (@egragcrypto) April 3, 2023
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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