Market technician EGRAG Crypto has shared how an extensive XRP W pattern could lead to three bullish targets but advises investors to start taking profit at a much lower price.
The recent analysis comes at a time when XRP is showing early signs of a rebound but still trading within the $2.2 range. Notably, over the past four months, XRP has continued to range between $2 and $2.3, with occasional dips below $2 and periodic spikes above $2.3.
However, in EGRAG’s recent market commentary, he confirmed that this consolidation phase has been part of a larger W pattern that has held up for years on the monthly chart. For the uninitiated, A W pattern is a chart formation that resembles the letter “W”. It often indicates a possible shift from a downward trend to upward momentum.
XRP Forms W Pattern
Notably, such W formations often take the shape of a double bottom, a similarly bullish structure. Specifically, XRP’s W structure began after it surged to the $3.8 peak in January 2018.
Following this high, XRP observed a massive correction, dropping to a low of $0.1050 in March 2020, the first bottom, before eventually recovering. This recovery allowed XRP to rally to a local top of $1.96 by April 2021, essentially forming the first part of the W pattern or double bottom structure.
Interestingly, the formation of the second part began immediately, as XRP collapsed from the $1.96 top to reach a low of $0.2879 in June 2022 on the back of the Terra implosion. This marked the second bottom. However, XRP recovered during the November 2024 upsurge to complete the W formation.
Following the formation, XRP broke above the structure but faced resistance at $3.4 in January 2025 and is now retesting the breakout. This retest has led to the ongoing consolidation that has kept XRP around the $2.2 range for several months.
Despite the consolidation, XRP’s current position at $2 shows that it has successfully retested the breakout. The bulls have so far defended the $2 support, and now await a resumption of bullish pressure for a recovery push. EGRAG believes this recovery could lead to new all-time highs for XRP.
EGRAG Sets Three XRP Targets but Advises Profit-taking at Lower Prices
Notably, his first target is the $15 price, which marks a 578% increase from XRP’s current price of $2.21. Meanwhile, he also believes a further uptick to $22 is possible, representing an 895% rise. EGRAG’s ultimate target is an ambitious $40 price. To hit this ultimate mark, XRP would need to spike 1,709%.
However, EGRAG insisted that investors should try to take profit at lower targets instead of trying to time the top. According to him, investors could start taking profit at around $6 to $7 all the way to the ultimate $40 target.
In his commentary, the market technician suggested that those who attempt to time the top may encounter disappointments. “What if everyone, including me, is wrong?” He noted that the important aspect of investing is how a market participant sells strategically when there is hype and buys strategically when the market is down.
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.
