XRP price can be pegged for a record-breaking breakout as an extended Symmetric Triangle pattern in 2017 on the charts. Looking at history, a cryptocurrency analyst predicts that if the same parabolic move happens, it will see the altcoin surge to an incredible $30.
EGRAG CRYPTO, a cryptocurrency analyst, has released a new technical analysis for the altcoin. He highlights a long-term symmetrical triangle formation and bases it on its previous performance during the 2017 market cycle.
Instead of basing his analysis on the traditionally measured move out of the triangle, the analyst uses the last major rally as the main foundation for a possible breakout in this current cycle.
Based on EGRAG CRYPTO, XRP rose around 2,600% during its 2017 rally. This recent move is the reference in the latest forecast. If the price were to duplicate that historic gain, the price would get close to the $30 mark, which coincides with the analyst's primary target.
EGRAG, an analyst, also provided an excellent chart with a symmetrical triangle and bullish pennant as double targets. The mechanism indicates a breakout from both the patterns; hence, upward continuation is confirmed, guaranteeing a positive perception of the targets being attained.
This chart explains the logic of applying the extent of the previous rally as a reliable predictive instrument, especially in patterns where there is price compression and then explosive movement. This chart also serves to distinguish between the conventionally measured moves and the other method employed in this analysis.
At present, XRP's all-time high stands at $3.84. A possible surge to $32.36 would be an astronomical 741.6% increase, sending its price to a level way above its record high.
EGRAG CRYPTO ended the post by affirming faith in the potential of XRP breaking $30 if 2017 cycle conditions repeat. The altcoin has witnessed several bullish indications over the recent past, and EGRAG CRYPTO requested the XRP army to pay attention to the current cycle, as he believes great things from the digital currency.
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Lokesh Gupta is a seasoned financial expert with 23 years of experience in Forex, Comex, NSE, MCX, NCDEX, and cryptocurrency markets. Investors have trusted his technical analysis skills so they may negotiate market swings and make wise investment selections. Lokesh merges his deep understanding of the market with his enthusiasm for teaching in his role as Content & Research Lead, producing informative pieces that give investors a leg up. In both conventional and cryptocurrency markets, he is a reliable adviser because of his strategic direction and ability to examine intricate market movements. Dedicated to study, market analysis, and investor education, Lokesh keeps abreast of the always-changing financial scene. His accurate and well-researched observations provide traders and investors with the tools they need to thrive in ever-changing market conditions.
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