XRP Price Enters Pre-Bull Rally Phase: Crypto Analyst Reveals Next Target

The NFT Unicorn XRP-Price-5 XRP Price Enters Pre-Bull Rally Phase: Crypto Analyst Reveals Next Target Crypto News

The XRP price has largely left many of its enthusiasts feeling dissatisfied during this bull cycle, as it has failed to reach the $1 mark despite the bullish sentiment surrounding cryptocurrencies. However, crypto analyst EGRAG CRYPTO believes a $1 XRP price is still possible in this cycle, as he predicted a price surge in the near term. From this analyst’s technical perspective, recent price action has seen XRP forming a “W” pattern, making it ready for a massive push above $1.

XRP Price Pattern Signals A Potential Massive Move

XRP’s highest price so far this year is $0.718. The cryptocurrency now finds itself perambulating below the $0.65 price level and even falling to as low as $0.57 in the past seven days. This has prompted many investors and holders to feel frustrated and concerned about the poor price performance. 

Despite this lackluster performance, many analysts continue to hold on to a bullish price action for XRP. EGRAG, who is well-known for his bullish attitude on XRP, has, for the most part, encouraged his followers on social media to maintain their positive posture on XRP. His most recent technical analysis, which he shared on social media, indicates that the price formation of XRP has now established a bullish pattern, which has been responsible for significant price increases in the past.

This price spike is particularly based on a peculiar “W” pattern, which he highlighted on a 3-day candlestick chart of the XRP price. Interestingly, a detailed look into the chart shared by EGRAG shows that XRP embarked on the formation of this “W” pattern in July 2023. Now that the formation seems complete, the analyst noted that XRP could potentially surge to $1 on a standard scale and $1.2 on a logarithmic scale.

At the time of writing, XRP is trading at $0.63. A surge to $1 and $1.2 from the current price level would mean a 58.7% and 90.47% spike respectively. However, EGRAG also noted the possibility of the “W” pattern leading to a downturn. In his price chart, he highlighted a worse case scenario of XRP falling to $0.44518. 

What’s Next For XRP?

EGRAG is one of the many crypto analysts who are still ultra-bullish on XRP’s price trajectory. His long-term price projection for XRP is $27. Other analysts like Mikybull predict XRP can reach as high as $6.

Ripple’s lawsuit with the SEC seems to be nearing its end which could mean the end of a prolonged stunted price growth for XRP. As a result, we could see XRP surging to new highs very soon. Whether or not XRP reaches $27 or sets new records, many see it as an undervalued asset with significant upside potential. This fundamental growth could see XRP push to $1 for the first time since November 2021.

XRP price recovers above $0.62 | Source: XRPUSDT on Tradingview.com

Featured image from Watcher Guru, chart from Tradingview.com

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Source: NEWSBTC