XRP is on a path to a $6.4 price, according to a notable analyst who identified the formation of a W pattern on its weekly chart.
XRP fiercely defended the support above $0.50 despite the recent downtrend triggered by the SEC’s lawsuits against Binance and Coinbase. Amid this resilience, Egrag, a skilled analyst, has identified the formation of a W pattern on XRP’s weekly chart, forecasting a run to a range between $5.5 and $6.4.
Egrag emphasized that XRP might be heading to a territory he calls the “Twilight Zone.” According to him, this zone encompasses a price range between $5.5 and $6.4. Egrag believes XRP’s recent price movements suggest that the asset is currently slipping into the zone with the formation of a W pattern.
A) The Non-logarithmic 'W' Formation measured target is between 0.75-0.85c.
B) The Log-logarithmic 'W' Formation measured target is between $1.00-$1.20.
C)The Symmetrical Triangle… pic.twitter.com/S5GT6o2KIf
— EGRAG CRYPTO (@egragcrypto) June 5, 2023
Egrag calculated a price target range based on the non-logarithmic scale, with the scale estimated to be between $0.75 and $0.85. The analyst believes XRP could hit this point as it makes the W formation.
However, measuring the W formation based on the log-logarithmic scale, Egrag sets the target to a range between $1 and $1.2. According to him, should XRP follow the logarithmic scale in forming the W pattern, it could hit these price targets on the path to the Twilight Zone.
The XRP Twilight Zone
Egrag further called attention to a symmetrical triangle pattern formed by the convergence of the final wake-up line and the atlas line. The triangle indicates a period of consolidation before a potential breakout. Egrag pointed out that the symmetrical triangle is full, and a breakout would set XRP on a path to $5.5.
The analyst sets a Fibonacci target of 1.618 as the ultimate price goal. The Fib 1.618 target sits at the $6.4 price point. According to him, if XRP follows Fibonacci retracement patterns, the price could reach $6.4 based on this ratio.
Egrag also previously forecasted a potential $10 price point for XRP. The analyst asserted that XRP could hit $10 or $27 in the next two years, depending on the direction it takes from here.
However, in the latest Twilight Zone analysis, Egrag has identified the possibility of a market downturn which he calls “The Ultimate ShakeOut.” He advised investors to be cautious as some unforeseen events could lead to the lows of this month or prices below them.
Deaton XRP Price Prediction
It bears mentioning that while Egrag sees a $6.4 ultimate price target, pro-XRP attorney John Deaton forecasts a more ambitious price. As disclosed by The Crypto Basic this week, Deaton stressed in a recent interview that he is anticipating XRP to surge between $2 and $10 when the SEC litigation ends in Ripple’s favor. Deaton further said that XRP Fomo will start when XRP reaches $2.
XRP is trading for $0.5350, up 4.68% in the last 24 hours.