Top Market Watcher Says Calculated Move is Driving XRP by 1,066% to $5.89

Prominent analyst EGRAG believes that a calculated move could be driving XRP to $5.89 much sooner than the community realizes.

EGRAG voiced this view in a recent post on X in line with his continuous updates about XRP’s outlook for the season. He first identified an ascending trendline on XRP’s historical chart, denoted the “ATLAS LINE,” which he noted has held true since March 2020.

The ATLAS LINE notably intersects with the lowest price points of XRP over the past four years. Remarkably, each intersection has often been followed by a significant bullish run for XRP. EGRAG’s analysis points to nine such occurrences since March 2020.

A prime example was January 4, 2021, when XRP crashed to $0.226 after a bull frenzy that had taken the asset to $0.6922 two months earlier. However, the fall was followed by a more enduring uptrend that propelled XRP to $1.96 by April 2021. Other instances of this occurrence are denoted by yellow circles in EGRAG’s chart.

#XRP $5.89 Not Title Hook, But Calculated Move🪝

ATLAS LINE:
The 'ATLAS LINE' has been a holding #XRP Price since March 2020, as indicated by the 9 strong Yellow circle touch points. 🟡

⬜ White Triangle:
If #XRP breaks out to the upside, then $1.5 is the measured move,… pic.twitter.com/2a9gk1Vaj1

— EGRAG CRYPTO (@egragcrypto) May 7, 2024

Emphatically, the nine yellow circles that EGRAG identified form an ascending parallel pattern. This pattern aligns with a descending parallel that EGRAG called the “final wake-up line.” Together, these two parallels form a large triangular configuration on XRP’s chart, which EGRAG has shaded in blue.

XRP Calculated Move to $5.89

According to the analyst, the breakout from the blue triangle’s measured move could drive XRP’s price to $5.89. Interestingly, EGRAG arrived at the $5.89 price target for XRP by measuring the width of the triangle formed by the intersecting ATLAS and “final wake-up” lines.

Specifically, the analyst’s assumption is that the breakout from the triangle pattern will mirror the initial width of the formation. With XRP currently trading at $0.505, the analyst is signaling the possibility of a 1,066% increase in value soon.

XRP Must Reclaim $1.5 First

Meanwhile, EGRAG’s analysis accounted for more updated XRP price patterns, which have formed a smaller triangle illustrated in white on his chart. He contends that if XRP were to break out to the upside from this smaller triangle, the measured move target would be $1.5.

According to EGRAG, this $1.5 price point could signal the start of a significant macro breakout for XRP. Essentially, the analyst urges the XRP Army to be ready for a “mini pump” that takes XRP to $1.5. On the other hand, the more substantial surge could see XRP reach $5.89.

Besides, EGRAG proposed that the larger macro trend for XRP could even push the asset’s value into the double-digit range.

Community Members in Doubt

While top market watchers like EGRAG have remained confident in XRP’s potential, community members are increasingly losing faith in the optimism. This doubt is largely because, in recent times, XRP has barely proved its potential for market-wide commendable performance beyond its six-year-old history.

Some community members have suggested that XRP should aim to reach a more immediate and modest price target of $0.589 before setting its sights on the much loftier goal of $5.89.