A brand new XRP value prediction from notable crypto analyst, EGRAG CRYPTO, has traders buzzing. Based on a multi-timeframe evaluation, Egrag believes XRP is exhibiting appreciable power, hinting at a possible surge to $1.4. The analyst elucidated his predictions in a tweet, stating, “XRP Color Code To $1.4 – UPDATE: Trying to showcase the sheer strength and achievements of XRP from multiple time frames: Weekly, 3D, 1D, and 4H.”
XRP Price Analysis: 1-Week Chart
Delving into the Weekly Chart, Egrag finds an evident optimistic momentum. XRP is on the point of reaching a notable milestone: sealing a full-body candle past the Fib 0.618 retracement stage at $0.5119. Egrag notes that the upcoming week’s closure and the definitive type of the candle would function a sturdy affirmation of this development.
Egrag’s meticulous breakdown pinpoints important landmarks for the XRP value trajectory within the 1-week chart. The wicking vary is demarcated between $0.3875 and $0.4719. Any downward breach beneath $0.3875 may disrupt the broader chart setup.
Meanwhile, the ranging area, the place XRP might oscillate with out clear directional momentum (and which XRP is at present leaving), is located between $0.4719 and $0.5119. Eclipsing the $0.5119 boundary within the weekly timeframe propels XRP right into a bullish area, main as much as $0.5738 — in sync with the 50% Fibonacci retracement echelon.
The crypto analyst postulates that the breach of this pivotal value stage might catalyze a sweeping XRP rally. Venturing previous the 50% Fibonacci zone may lead to a panorama with scant resistance, probably permitting XRP to shatter its annual peak at $0.9310. Concluding his intensive evaluation, Egrag envisages an audacious endgame: a staggering 250% rally, propelling XRP in direction of the 1,618 Fibonacci extension at $1.4695.
Shorter Time Frames
Switching focus to the 3-day chart, XRP shows a physique candle shut above the Fibonacci 0.618 retracement stage, indicating its presence within the bullish zone. Yet, the present form of the candle is a impartial Harami type, leaving room for interpretation and missing a decisive ahead course.
This specific formation, rooted within the Japanese time period for “pregnant,” represents a possible inflection level within the value motion. Yet, its neutrality necessitates ready for extra concrete alerts. Egrag emphasizes that the upcoming candle, closing at this time, may make clear pivotal insights.
In the 1-day Chart, the narrative is extra assertive. XRP has efficiently wrapped up seven consecutive every day candles past the Fib 0.618 benchmark within the inexperienced space. This development, as Egrag postulates, radiates a palpable bullish aura. But he additionally advises vigilance for a possible retest of the decrease boundary of the bullish inexperienced space, which might solidify this basis.
Lastly, when inspecting the 4-hour chart, a discernible double-top sample emerges. With XRP exhibiting resistance to surpass the $0.55 mark, there may be heightened anticipation of a attainable double backside close to $0.50. This motion might pave the way in which for an assault on the Fib 1.618 zone, round $0.576. The crypto analyst forecasts this as a precursor to a bullish continuation.
At press time, XRP traded at $0.52073. The 1-hour chart reveals $0.5264 as the present key resistance and $0.5197 as the important thing assist.
Featured picture from Shutterstock, chart from TradingView.com
