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June 15, 2024
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If History Repeats, XRP Price Can Surge 7x In Coming Days! Here’s How

The post If History Repeats, XRP Price Can Surge 7x In Coming Days! Here’s How appeared first on Coinpedia Fintech News

The recent unexpected XRP rally shocked the whole crypto world and also pushed the currency above a number of resistance areas. With the rally there was a surge in bullish sentiment, increased interest in the asset, and a peak in trading volume.

The surge for XRP has drawn a range of responses, Egrag,  who recently emphasized the resemblance between XRP’s present price and its pricing in 2017, is one of the analysts who support XRP.

Egrag posted his research on an XRP monthly chart on Twitter and identified the pattern there. He claims that the fact that technical analysis on monthly charts serves to filter out the noise and draw attention to the greater picture affected his choice to utilize a monthly chart.

According to Egrag’s analysis, the price of XRP is roughly where it was in May of 2017. The position value of the asset in May 2017 is reflected in the current price of $0.47 for XRP. To emphasize his main point, Egrag drew two trendlines, TL1 and TL2.

A 790% increase?

In May of 2017, XRP was able to close above TL1, but the following month saw a decrease. Following two bullish candlesticks from March and April, which fueled the asset’s gain, it surged in May. Despite this, following May of 2017, there was considerable pushback against the rally.

After being in a bearish pattern for five months, XRP made another breakout in November 2017. In January 2018, the rally engine pushed XRP to its all-time high of $3.84. If the asset closes above the TL1 this September, Egrag thinks it might show a similar pattern.

EGRAG published a second chart in which he compared the XRP price to 2014 and projected a 790% increase. “#XRP Expecting 790% Pump:In correlation with Nov 2014 Pump, the current fractural is Rhyming with it & it is ranging in preparation for the second Pump. The second Pump if it keeps on Rhyming then 790% is plausible & possible.” 

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