Market analyst EGRAG Crypto has again presented a bullish outlook for XRP, contingent on its ability to breach what he calls the Genuine Wake-Up Line (GWUL).
According to his latest analysis, XRP is close to a pivotal moment that could push its price beyond $1.5 in the short-term. At the center of the analysis is the “Genuine Wake-Up Line.” This line has long been guiding XRP’s price movements.
Resistance at the Genuine Wake-Up Line
EGRAG first introduced the GWUL in May 2024 after XRP breached the Final Wake-Up Line last July. An accompanying chart to the latest update shows multiple lines, including the GWUL, which he sees as an essential barrier for XRP.
This line has served as strong resistance, having formed following the $1.96 high of April 2021. The GWUL has constrained XRP’s upward movements since then. However, according to EGRAG, the coin is now on the verge of breaking the resistance.
If XRP manages to breach this line and sustain its position above it, this would mark a shift in market sentiment. The analyst believes a confirmed breakout could lead to an immediate rally toward $1.50, with mid-term targets ranging between $5.50 and $7.50.
EGRAG noted that the key to this upward push is not only to breach the GWUL but to remain above it for at least three days to confirm the breakout.
XRP Forms Yellow Triangle
The chart from EGRAG also features a yellow triangle, with the GWUL serving as the top boundary and the Atlas Line providing support. Interestingly, XRP has further formed a smaller white triangle within the yellow one. Per EGRAG, this pattern, which connects the highs of 2021, shows the ongoing struggle between bulls and bears.
As XRP approaches the convergence point of this triangle, the battle has intensified. If bulls succeed in pushing XRP above this triangle, EGRAG believes that a major bullish wave could follow. A break above the triangle would also translate to a breach of the GWUL.
Within this triangle, the first target rests at $1.50. According to EGRAG, this level is important because it signals the completion of Wave 1 within a larger Elliott Wave pattern.
A breakout above this threshold would trigger a corrective Wave 2, which may see prices pull back to $0.75 before a more significant rally. Notably, this significant rally could lead to the ultimate target of $7.50 in the coming months. This target could materialize in the later stages of a macro Wave 3.
However, to reach these heights, XRP must maintain its position above $0.62. EGRAG advises that as long as the price does not fall below this support, XRP remains in good standing for a bullish breakout. At the reporting time, XRP has dropped below the support, now trading for $0.60002.
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