Crypto analyst Egrag Crypto has revealed a bullish pattern that has recently formed on the XRP price chart. The analyst also revealed how high the crypto token could rise once it makes this move upward.
Inverted hammer shapes on the card
Eggag marked one Inverted hammer that had formed XRP chart while noting how bullish this was for the crypto token. He claimed that last month’s candle formation showed a 75% Inverted Hammer at the bottom, which is “super bullish” for XRP. Egrag believes this is a “great sign” that the altcoin could rise to $0.75 soon enough. He added that July will be a “fireworks month” for XRP.
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XRP’s potential rise to $0.75 is significant, as is Eggrag rather emphasized that price level as a “critical breakout point” for XRP. At the time, he said XRP was “poised” to reach this breakout in the coming weeks. He suggested that an XRP breakout above that price level would send it to $1.5, and the crypto token could see a further uptrend to $7.5.
Crypto analyst CasiTrades also recently provided a bullish story for the altcoin. She stated that the crypto token is maintaining its bullish momentum and bouncing back from the 0.382 retracement level. The analyst added that XRP has finally reversed a trendline that had acted as resistance for months.
Meanwhile, CasiTrades highlighted $0.54 as a price level to watch, stating that XRP could encounter resistance at that level. She suggested that the coin could see a parabolic move if it breaks above that price level, noting that this is a “critical level to watch for a possible breakout.” CasiTrades rather increased the possibility that the altcoin could rise to $80 when it comes out of a consolidation triangle.
XRP is on the verge of a parabolic rally
Crypto analyst Mikybull Crypto recently suggested that XRP was on the verge of a parabolic rally. He stated in one X message that the token is currently at the levels of 2017 and 2020, which caused a “huge rally” for the crypto token on both occasions. In 2017, the altcoin experienced a price gain of 61,000% in 280 days.
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The chart that Mikybull Crypto shared showed that the altcoin could rise as high as $5. Meanwhile, crypto analyst XRP Captain claimed the altcoin was ready for the “massive breakout.” He claimed that XRP is in the middle of the top. ” Crypto analyst Jaydee also agreed with XRP Captain that a breakout is imminent, to report that “it’s coming,” although he claimed “beginners” will miss the flight.
At the time of writing, XRP is trading around $0.52, up in the past 24 hours. facts from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com