The XRP price is currently looking to establish a mega ascending triangle following the formation of a mini ascending triangle, with a price target set between $1.3 and $1.5.
Top crypto analyst EGRAG recently highlighted this impending formation in one of his latest analyses. The analyst provided an update to a previous post. EGRAG’s analysis identified two crucial structures: a mini ascending triangle (Mini AT) and a mega ascending triangle (Mega AT).
XRP Forms the Mini AT
In June, the analyst projected the formation of the mini ascending triangle. This projection materialized when XRP rallied to $0.93 in July following the favorable ruling in the Ripple vs. SEC case. XRP formed the Mini AT during this rally.
After the Mini AT’s formation, the XRP price is now facing a correction. The asset has retraced all the values it gained during the July 13 upsurge. Amid this downtrend, XRP has broken below the structural formation resistance between $0.5400 and $0.5858.
Eyes on the Mega AT
EGRAG confirmed the formation of the Mini AT and noted that XRP is now gearing up to form the Mega AT. He cites historical context as precedence. XRP has followed a similar pattern in 2021. Interestingly, the Mega AT presents a much higher price target.
However, before XRP can form the mega ascending triangle, the asset must navigate several hindrances. Two of these hindrances are the new supply zone and the structural and psychological zone, per data from EGRAG’s chart.
The new supply zone rests between $0.75 and $0.87, representing XRP’s first resistance point. For the asset to form the Mega AT, it must conquer this zone and flip it into demand. Notably, the XRP price had flipped the old supply zone into demand before creating the Mini AT.
Once it flips this new supply zone, it would then meet the structural and psychological zone at $0.87 to $1. XRP must also break out of this zone for the Mega AT to materialize.
Should the asset engineer these breakouts, EGRAG believes the formation of the Mega AT would take the XRP price to an average price of $1.4, with its value ranging from $1.3 to $1.5. The last time XRP saw the $1.4 price point was in September 2021. EGRAG confirmed that he expects XRP to hit these targets this year.
Meanwhile, XRP has reclaimed the $0.48 price threshold in the short term, changing hands at $0.4850. The asset has gained by 0.64% over the past 24 hours, invalidating a 6-day losing streak with a 0.43% gain yesterday.
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.
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