XRP has remained in a prolonged consolidation phase for over 540 days, a period marked by minimal price movement. According to analyst Egrag, this extended stagnation is about to end, with a potential for substantial price increases on the horizon.
On September 7, Egrag shared an analysis chart highlighting XRP’s price behavior since March 13, 2023. The chart reveals that XRP has been trading between key support and resistance levels throughout this time, reflecting a long-term period of price consolidation.
XRP Price Movement in a Defined Zone
This drawn-out period of sideway trading suggests that XRP has not experienced any definitive trend for over a year and a half. However, Egrag’s analysis points to the possible end of this period for XRP. The analyst’s chart includes bullish projections based on Fibonacci levels, indicating that a breakout is within reach.
Potential Price Targets for XRP
Egrag’s chart forecasts a possible shift into bullish momentum, with initial price targets set at $0.7399 and $0.9249. If this positive trend continues, the most optimistic projection anticipates XRP reaching $1.4694, a significant growth from its current price levels. These targets suggest that XRP could be primed for a major breakout following its extended consolidation period.
Egrag also addressed the XRP community, emphasizing the importance of patience during this consolidation phase. He suggested that those who sold their XRP holdings during this period of price stagnation may miss out on the “mega pumps” expected soon.
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While XRP has remained in consolidation for over 540 days, other assets have enjoyed notable gains. For example, Bitcoin reached a new all-time high in March, and Binance Coin (BNB) followed suit in June 2024.
Periods of consolidation often lead to significant price movements once market participants accumulate enough positions to drive the next trend. Egrag’s analysis suggests that those holding XRP during this lengthy consolidation phase may see substantial rewards when the token finally breaks out of its current range.
Currently, XRP is trading at around $0.5374. Egrag’s prediction of an impending “mega pump” aligns with the sentiments of many XRP supporters, who believe the downside risk for XRP has diminished considerably.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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