Next Triangle Consolidation to Take XRP Between $50 and $200: Market Analyst

Notable market analyst EGRAG suggests XRP could skyrocket to a price range of $50 to $200 amid its next triangle consolidation. 

EGRAG’s latest price analysis comes on the back of XRP’s downward slope, leading to concerns and sustained bearish sentiments from market participants. Notably, XRP currently trades underneath the pivotal $0.50 psychological level, which had served as support for several months amid the market downturn.

XRP briefly retook $0.50 overnight following an unexpected price upsurge. However, this momentum was invalidated by renewed bearish pressure in the market, which pushed Bitcoin (BTC) below $65,000 earlier today for the first time in nearly a month. Due to the broader collapse, the global crypto market cap has dropped 2.3% over the last 24 hours.

Currently, XRP is the only asset on the top 20 list witnessing a price increase over the last 24 hours despite a meager 0.6% gain. Amid the current market conditions, EGRAG sees XRP equally outperforming in the nearest future, citing data from a 2-month chart.

XRP’s Historical Triangle Consolidation Patterns

In his analysis, he leveraged historical context to make his bullish projections. Interestingly, XRP is currently trading within a symmetrical triangle. This extensive triangle formed during the 2018 cycle after XRP claimed the all-time high of $3.31 in January 2018. Amid a series of declines and surges, XRP has failed to breach the upper or lower boundary of the triangle.

#XRP NEXT TRIANGLE CONSOLIDATION ✅

In the future, newbies will say #XRP is stagnant around $50 instead of $0.50. They will say #XRP only pumped from $50 to $200. They will never comprehend 7 years of conviction and dedication. 😤💪

Even #XRPL Builders are starting to nag and… pic.twitter.com/5WVIYWkvov

— EGRAG CRYPTO (@egragcrypto) June 17, 2024

EGRAG calls this triangle the triangle consolidation, showing that this marked the second one in XRP’s history. Notably, before XRP formed this second triangle, it surged 914% in mid 2017. After slipping into the triangle, it continued to record intermittent yet tremendous upswings, including a 4,587% rise to the $3.3 ATH.

Now, the market analyst expects XRP to spike to a third triangle consolidation, suggesting that this upcoming triangle would lead to greater price heights. For instance, he expects XRP to skyrocket 914% to reach this triangle position, similar to what happened in mid 2017.

XRP to Target $50 to $200 in Third Triangle Consolidation 

Once inside the triangle consolidation, EGRAG predicts gains reminiscent of the 2017/2018 cycle. Specifically, he believes XRP would reach a price level of $50 and then surge to $200. According to him, in the period this price would materialize, newcomers at the time would discuss XRP’s stagnation at $50 and discredit its spike from $50 to $200.

At press time, XRP currently changes hands at $0.4937, looking to recover the $0.50 level despite the broader market turbulence. A rise to $200 from this level would require a 40,410% increase. Besides EGRAG, analyst Javon Marks has consistently predicted XRP to reach $200.