XRP Near Term Price Target Ranges From $1 to $1.3 as Asset Forms Bullish W Pattern

XRP might be pushing to clinch a near-term target between $1 and $1.3 amid the potential formation of a bullish W pattern identified by top crypto analyst EGRAG.

The market analyst revealed this in a recent update detailing XRP’s current price position. EGRAG had earlier pointed out an ascending parallel channel dictating XRP’s movements since inception. The channel features an upper blue portion and a lower yellow portion.

XRP’s Ascending Channel

Notably, the top of the lower yellow portion often serves as resistance against an XRP surge to the upper blue portion.

XRP surged above the ascending channel during the rally that saw it reclaim the $1.96 price in April 2021. However, the asset dropped from this high shortly after it reclaimed it.

Upon the collapse, XRP held above the top trendline of the upper blue portion, hedging against a drop into the ascending channel. However, as the bears exerted more pressure, XRP suffered steeper declines, dropping 28.09% in May 2022 on the back of the Terra implosion. 

This drop resulted in the asset falling to the ascending channel, with a subsequent 21% collapse in June 2022 to $0.33 sealing its fate within the channel. Despite this bearishness, XRP held up well within the upper blue portion of the channel, fighting against a drop to the lower yellow portion.

Nonetheless, the recent 18% monthly decline in January pushed XRP into the yellow portion. Having spent a few weeks within this portion, XRP could be looking to surge back into the blue channel, according to EGRAG’s projections.

XRP Targets $1.3 in W Pattern Formation

It bears mentioning that XRP attempted to break above the ascending channel during its time in the upper blue portion. This attempt came up in July 2023 amid the surge to $0.93. In his latest report, the analyst noted that XRP has formed a W pattern since dropping from the $0.93 high.

The pattern’s formation also involved the slump to the lower yellow channel. However, the chart shows XRP would form the second part of the W pattern when it recovers from the recent drop. EGRAG believes such a recovery could take XRP above the $1 mark.

#XRP – 'W' Pattern Emerging (Target $1-$1.3$??):

The emergence of a Green 'W' Pattern in XRP is catching attention, presenting both possibility and credibility. However, the completion of the second part of the 'W' Pattern may exhibit characteristics of either a green or blue… https://t.co/4mmYKEHDWx pic.twitter.com/PqkBE8ckym

— EGRAG CRYPTO (@egragcrypto) February 8, 2024

According to his logarithmic projections, XRP’s uptrend could lead to the $1.25 price, with a potential for further growth toward $1.3. Nonetheless, his non-logarithmic projection suggests a rally to a price range between $1 and $1.10.

XRP currently trades for $0.5254, up 1.10% over the past 24 hours, as it rides on the latest Bitcoin (BTC) resurgence. A rise to $1.3 would require a 147% increase, potentially taking the crypto asset back into the upper blue portion of the ascending channel.