Notable market analyst EGRAG recently spotlighted XRP close of the first quarter of 2024, calling attention to a possible push toward a $43 price.
XRP has not performed as impressively as the rest of the market this year, as the first quarter comes to a close. The token only closed Q1 2024 with a 2.2% gain, while Bitcoin (BTC) surged by a whopping 68% and Ethereum (ETH) recorded a 59% appreciation.
A Multi-Year Symmetrical Triangle
Despite the unimpressive performance, analysts such as EGRAG remain confident in XRP’s potential to reach greater heights. In one of his recent analyses, EGRAG identified a multi-year symmetrical triangle that XRP has traded within since January 2018.
#XRP Q1 Candle Closed:
Gate to Valhalla: Above 0.75c
Door of ValHell: Below 0.44c#XRPArmy STAY STEADY, Our path is clear, but remember to secure profits along the way if you are in need because i will do so 💪 pic.twitter.com/JqIM8LAEHf— EGRAG CRYPTO (@egragcrypto) April 1, 2024
The asset’s first attempt at breaching the upper trendline of this triangle occurred in April 2021 when it rallied to $1.96. However, the resistance at the trendline foiled the cryptocurrency’s campaign. XRP pushed to breach the trendline again last July but faced resistance at $0.93.
Following the close of the first quarter of the year, data from EGRAG’s accompanying chart suggests that XRP has two possible directions from its current position in the symmetrical triangle.
One of these directions involve a drop to the lower trendline of the symmetrical triangle, aligning with a low of $0.44. EGRAG calls this point the door to ValHell, representing the start of a push toward lower price levels if the bears breach beneath the lower trendline of the triangle.
However, XRP also faces the possibility of pushing to bullish territories. This would materialize if the cryptocurrency records a breakout above the upper trendline of the symmetrical triangle. This upper trendline aligns with the $0.75 resistance point, which EGRAG calls the gate to Valhalla.
XRP Could Surge to $43
Once XRP breaches the gate to Valhalla ($0.75), the crypto asset could witness a push toward more substantial price gains. The first major resistance the asset could face on this journey is the ATH at $3.7. A push above this level could take XRP to Fibonacci 1.618 along the $6.4 price.
Despite the prospect of a new all-time high at this level, EGRAG presents more ambitious targets for XRP. He expects the asset to sail to a double-digit price, specifically $13.3, following a capture of the $6.4 price. EGRAG further sees XRP breaching $22 and $29 to reach an ultimate price of $43, aligning with Fib. 2.618.
To solidify his confidence in XRP’s prospects, EGRAG presented a separate analysis outlining the asset’s monthly movements. He stressed that if XRP closes March above the 21 EMA, it would confirm its strength, with a possible rally to $32.
#XRP 21 EMA-Setup is Ready!
Monthly #XRP candle closing in 2 hours. With a high degree of confirmation, I can say that closing more than 6 monthly candles above the 21 EMA demonstrates the strength of #XRP. #XRPArmy, STAY STEADY! 🛡️ The pump is closer than anyone thinks! 🚀 pic.twitter.com/WXrBkQdDzF
— EGRAG CRYPTO (@egragcrypto) March 31, 2024
XRP successfully closed above the 21 EMA, placing itself on the path to sustained bullishness. Meanwhile, the asset currently changes hands at $0.6130, down 2.37% over the past 24 hours amid the market-wide slump.
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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