Ripple Could Hit $7 If XRP Does This: Analyst
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A crypto analyst recently expressed frustration after an earlier technical forecast for Ripple’s XRP token largely played out to painful accuracy. However, he maintains hope of an eventual euphoric rally ahead.
In a tweet, EGRAG Crypto highlighted forming what he termed a “Helheim Gateway” pattern on the XRP/Bitcoin chart earlier. This formation typically leads to sharp breakdowns and severe medium-term losses, according to classical charting theory.
#XRP / #BTC Valhalla or Helheim – UPDATE (My Unwavering Target 0.000137)
— EGRAG CRYPTO (@egragcrypto) February 21, 2024
Check out the post from December 2023: https://t.co/c8LTpj8H7H
Sometimes, I Hate My Self:
Sometimes, I can't help but feel frustrated with myself for foreseeing the worst-case scenario, only to see… pic.twitter.com/7zfZXO5E85
While EGRAG noted a speculative bullish target, with a white circle, he cautioned about the growing risks of the feared bearish structure dominating instead. Since then, XRP has staged a short-term pump and breakout but reversed swiftly in what now appears to be a bull trap fakeout.
Also read: Shiba Inu: How Many SHIB You Need To Make $10 Million if It Hits $0.01?
“Back then, I drew the White Circle with ‘?’ as a reference to a possible target…Since then, we experienced a pump and multiple closes above the falling wedge, only to find out it was just a fakeout pump,” the analyst tweeted.
With the coin since decisively losing its tentative uptrend and plunging through multiple layers of support, prices now trade firmly below EGRAG’s warned Helheim Gateway zone. This failure to hold increases the risk of continued harsh selling pressure.
XRP could surge to $7
Yet despite his accurate prediction seemingly playing out, EGRAG maintains longer-term optimism in XRP, extending its strong early 2023 gains. He theorizes that brief stabilization could materialize temporarily, akin to upside projections on the USD chart.
Also read: Chainlink Whale Withdraws 194,400 Tokens; LINK Price Reacts
EGRAG mentioned that if XRP imitates 2017, another plunge likely precedes the beginning of XRP’s road to “Valhalla,” a euphoric parabolic advance EGRAG believes leads to XRP hitting $7 despite the recent carnage.
According to CoinGecko data, Ripple XRP is trading at $0.5414, with a 2.2% drop in value over the last 24 hours.
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Ripple Could Hit $7 If XRP Does This: Analyst
Share:
A crypto analyst recently expressed frustration after an earlier technical forecast for Ripple’s XRP token largely played out to painful accuracy. However, he maintains hope of an eventual euphoric rally ahead.
In a tweet, EGRAG Crypto highlighted forming what he termed a “Helheim Gateway” pattern on the XRP/Bitcoin chart earlier. This formation typically leads to sharp breakdowns and severe medium-term losses, according to classical charting theory.
#XRP / #BTC Valhalla or Helheim – UPDATE (My Unwavering Target 0.000137)
— EGRAG CRYPTO (@egragcrypto) February 21, 2024
Check out the post from December 2023: https://t.co/c8LTpj8H7H
Sometimes, I Hate My Self
Sometimes, I can't help but feel frustrated with myself for foreseeing the worst-case scenario, only to see… pic.twitter.com/7zfZXO5E85
While EGRAG noted a speculative bullish target, with a white circle, he cautioned about the growing risks of the feared bearish structure dominating instead. Since then, XRP has staged a short-term pump and breakout but reversed swiftly in what now appears to be a bull trap fakeout.
Also read: Shiba Inu: How Many SHIB You Need To Make $10 Million if It Hits $0.01?
“Back then, I drew the White Circle with ‘?’ as a reference to a possible target…Since then, we experienced a pump and multiple closes above the falling wedge, only to find out it was just a fakeout pump,” the analyst tweeted.
With the coin since decisively losing its tentative uptrend and plunging through multiple layers of support, prices now trade firmly below EGRAG’s warned Helheim Gateway zone. This failure to hold increases the risk of continued harsh selling pressure.
XRP could surge to $7
Yet despite his accurate prediction seemingly playing out, EGRAG maintains longer-term optimism in XRP, extending its strong early 2023 gains. He theorizes that brief stabilization could materialize temporarily, akin to upside projections on the USD chart.
Also read: Chainlink Whale Withdraws 194,400 Tokens; LINK Price Reacts
EGRAG mentioned that if XRP imitates 2017, another plunge likely precedes the beginning of XRP’s road to “Valhalla,” a euphoric parabolic advance EGRAG believes leads to XRP hitting $7 despite the recent carnage.
According to CoinGecko data, Ripple XRP is trading at $0.5414, with a 2.2% drop in value over the last 24 hours.
In This News
Coins
Share:
In This News
Coins
Share:
Read More
XRP Goes Live On Solana And Ethereum In Major Adoption Boost— Here’s The Whole Bushel