XRP’s Nike swoosh pattern now indicates a potential price increase of either $6.40 or $13 according to a notable analyst.
Over the past seven years, XRP has exhibited price movements that have formed a notable “Nike swoosh” pattern, identified by market analyst EGRAG.
This pattern traces back to January 2018, following a significant drop from XRP’s all-time high of $3.31.
EGRAG suggests that this bullish formation may pave the way for a substantial price rally in the future.
The Nike swoosh pattern typically signifies a bottoming phase, indicating that after a period of decline, an upward trajectory may be on the horizon.
According to EGRAG’s analysis, if XRP adheres to the anticipated upward arc of this swoosh, it could reach impressive new heights.
For nearly three years, XRP lingered below the critical $1 mark, but recently it has broken through this long-standing resistance.
EGRAG identifies a decisive break above $1.10 as crucial; he sees this level as a potential launchpad for further price gains.
Establishing support above $1.10 could transform this threshold into a long-term floor for XRP’s value.
EGRAG emphasizes that the achievement of higher price targets will hinge on market momentum.
On a non-logarithmic scale, he identifies $6.40 as a key resistance level, while a logarithmic analysis suggests an even loftier target of $13.
These price points represent ambitious long-term goals for XRP.
Having recently solidified support above $1.10, XRP is now poised to aim for EGRAG’s projected targets of $6.40 and $13.
However, reaching these levels will likely depend on broader market support and robust buying momentum, which are essential for sustaining the upward movement.
XRP is currently trading at $1.71 at the time of writing.
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