XRP price movements over the past seven years have generated a Nike swoosh setup, which a notable analyst recently leveraged to identify lofty targets.
Market analyst EGRAG identified this bullish setup for XRP, representing a “Nike swoosh” pattern that dates back to January 2018, when XRP plunged from its all-time high of $3.31.
The analyst believes this formation could create the pathway for a major rally. However, to initiate this momentum, XRP first needs to conquer the critical $1 level that XRP recently has.
XRP’s Nike Swoosh Pattern
The swoosh pattern suggests a bottoming phase preceding a potential upward arc in XRP’s value. Data from the chart suggests that if XRP follows the upward arc of the swoosh pattern, it could push toward greater heights.
XRP remained below the $1 mark for nearly three years, But XRP broke that long-standing resistance. EGRAG analysis suggests a solid break above $1.10 would act as a launchpad for higher targets. EGRAG sees $1.10 as the ignition point. The expert sees $1.10 as a foundational level for further upside movement. This support could transform $1 into a long-term floor.
In EGRAG’s view, achieving these targets will depend on market momentum, with $6.4 acting as a primary resistance on the non-logarithmic scale. On a logarithmic scale, the chart points toward a loftier $13 target. These levels represent long-term goals.
As XRP has successfully reached and established support above $1.10, it may now set its sights on EGRAG’s projected targets of $6.4 and $13. However, achieving these levels would likely require support from the broader market and strong buying momentum.
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.
