Crypto analyst Egrag Crypto has revealed the key price levels what to look for in one of his latest analyzes of XRP. The analyst hinted that these prices could be crucial, especially after his prediction that the crypto token will rise to $5 in 90 days.
Objectives That Confirm an XRP Bull Run
In a after on his X platform (formerly Twitter), Egrag highlighted $0.60, $0.75, $0.95 and $1.3 as price levels to watch. validating a bullish trend. He says: “A weekly close above any of these levels represents robust support and a continued upward trajectory.”
#XRP Blue Channel vs Red Channel revealed:
To decipher the intricate details in the diagram below, let’s break it down into three crucial sections:
1) Blue channel compared to red channel:
Should the Blue Channel align with the Red Channel, a potential flash crash to… pic.twitter.com/2w5hmoH872— EGRAG CRYPTO (@egragcrypto) January 19, 2024
He further elaborated on their importance, noting that these objectives “provide critical insights into significant pricing behavior.” Given that XRP has continued to trade below these levels, the token hitting any of these targets will easily suggest that sentiment towards the altcoin has changed.
XRPUSD currently trading at $0.54896 on the daily chart: TradingView.com
Meanwhile, the crypto analyst has also raised the possibility of XRP experiencing a 50% decline in pursuit of a move similar to that seen in 2017, when XRP rose 61,000%. Interestingly, Egarag believes that XRP replicating such a similar move will see the crypto token soar as high as $27 in the next bull run.
How XRP could crash to $0.28
Egrag also offered a bearish narrative for XRP, stating that XRP could witnessing a flash crash to $0.28 when the blue channel (visible in the chart he shared) lines up with the red channel. If that were to happen, a subsequent increase from $0.28 to $0.41 could occur, the analyst claims.
Egrag believes these channels add more intrigue Price action of XRPconsidering that the crypto token has been navigating the blue channel for almost 600 days since its breakout in May 2022. On the other hand, XRP is also said to have spent 580 days in the red channel before making a significant increase.
As part of this bearish projection, the crypto analyst has the prospect of a further decline in BTC, dragging XRP alongside. Egrag claims this could serve as the “ultimate shakeout, especially if market makers shake out the remaining weak hands.”
These market makers are the same individuals who Egrag says could “cause an independent surge” that would push the price of XRP to $5. If that doesn’t happen and the market ends up in the worst-case scenario, the analyst has urged everyone to do so seize the opportunity to obtain XRP at a “better price”.
At the time of writing, XRP is trading at $0.54, down in the past 24 hours. facts from CoinMarketCap.
Featured image from Shutterstock
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.