Market analyst EGRAG has shared a positive outlook for XRP, using the Super Guppy indicator to project a significant price increase.
This technical tool, commonly used to identify trend reversals and breakout opportunities, suggests that XRP could be preparing for a substantial rally. EGRAG’s analysis points to a possible price surge reminiscent of previous bullish runs.
The Super Guppy Indicator’s Role in XRP’s Potential Surge
EGRAG has focused on the Super Guppy indicator applied to XRP’s 5-day chart, which has historically provided reliable signals of significant price movements. The Super Guppy is a technical indicator that combines two sets of moving averages with different periods. It is designed to identify shifts in market trends, especially during consolidation or price reversal.
According to EGRAG, XRP’s price action tends to follow a recurring pattern that consists of extended periods of downturns (indicated by red on the chart), followed by rapid price increases (represented in green). This pattern has appeared multiple times on XRP’s chart, offering insights into the potential future price trajectory.
The analyst highlights that the Super Guppy has repeatedly shown XRP moving through phases of prolonged consolidation, followed by periods of exponential growth. This pattern is what leads EGRAG to believe that the token could be on the verge of another major price upswing.
Historical Price Patterns: XRP’s 2017-2018 Bull Run
EGRAG draws comparisons between XRP’s current market setup and its price movements during previous market cycles. The first major downturn the digital asset experienced occurred between May 2015 and February 2017. During this period, the token’s price remained under $0.01, showing little movement.
However, after this long red phase ended, XRP entered a green phase in which its price rose sharply. From a low of $0.005 in February 2017, the token surged to an all-time high of $3.31 by January 2018. This dramatic increase occurred within a relatively short time frame, marking the conclusion of the bearish phase and the start of a bullish one.
XRP’s 2020-2021 Price Action
Following its 2018 peak, XRP entered another extended downturn starting in November of that year. This bearish period lasted until June 2020, with the token hitting a low of $0.1769. However, by October 2020, the digital asset had entered another green phase, leading to a price increase that peaked at $1.96 in April 2021.
Despite this increase, XRP faced a correction that prevented it from reaching its previous all-time high. According to EGRAG, this correction led to a third red phase in the Super Guppy indicator, which has now been completed. Based on historical patterns, the analyst believes this setup indicates that XRP is preparing for a new bullish phase.
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Projected Price Targets for XRP
EGRAG’s analysis not only highlights historical patterns but also lays out potential price targets for XRP’s future. The most ambitious target is set at $99, a level derived from Fibonacci extensions and historical market behavior. This target is based on the assumption that XRP will follow its familiar pattern of extended bearish phases followed by bullish surges.
Before reaching this target, EGRAG identifies key milestones that XRP might hit along the way, including $3.37 and $13.69. The path to these price levels, according to EGRAG’s theory, will likely consist of multiple stages of upward momentum, similar to XRP’s previous bull runs.
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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