Popular market analyst EGRAG predicts a massive price surge for XRP, identifying patterns that may propel it to two-digit figures.
He disclosed this in a recent report, while analyzing the monthly XRP chart. The prediction centers around what EGRAG refers to as the “Hestia Line,” an important support level that he believes could serve as a springboard for an upward push.
The Role of the Hestia Line in XRP Price Action
The analyst noted that the Hestia Line represents a rising support trendline that has been acting as a foundation for XRP’s price. Notably, it assumed this role especially after the failure of another key level, the Phobos Line.
According to EGRAG, while the Phobos Line was initially expected to hold strong and guide the price upward, the bears eventually broke it. This breakdown occurred in January 2024, leading to the identification of the Hestia Line as the next major level to watch.
The analyst sees the Hestia Line as a symbol of stability and potential growth, likening it to the flame of Hestia, the Greek goddess of the hearth. Technically, the line presents a strong base from which XRP could rise, particularly as the price appears to have stabilized above it.
XRP’s Ascending Triangle
EGRAG’s chart also identifies an ascending triangle that started taking shape in January 2018. Several analysts have identified this triangle, with a top economist recently stressing that XRP has not yet broken above it. The chart from EGRAG also confirms that XRP remains within the triangle.
Interestingly, the Hestia Line forms the bottom of the ascending triangle, while a line the analyst calls the “Troposphere Line” forms the top. As the Hestia Line presents support, a breakout above the Troposphere Line could signal a substantial price increase.
The analyst provides two potential price targets based on this pattern. The more conservative estimate suggests a rise to $17, assuming the measured move starts from the Hestia Line. However, if XRP follows the traditional ascending triangle breakout method, the asset could rally as high as $27.
Notably, EGRAG noted that he plans to focus on the less ambitious $17 target. However, for the $27 goal to come into play, XRP would first need to recover the previous support from the Phobos Line by breaking above the $0.90 psychological resistance.
From this level, it would then need to target $1.3 to record a standard breach of the Troposphere Line. At the time of writing, XRP currently changes hands at $0.6228, down 3.59% over the past 24 hours despite a 6.41% gain in the last week. A rise to $17 would require a 2,629% increase, while the $27 target would demand a 4,235% spike.
DisClamier: 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 opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
