In detail analysis Sharing on social media today, popular cryptocurrency analyst Egrag points out several bullish indicators in the XRP price structure, indicating a possible breakout is imminent. Egrag evaluated different time frames, identifying a series of technical patterns and formations that reinforce the bullish outlook.
XRP is showing strong bullish structural signals
“Last week’s candle closed within the boundaries of the yellow structural formation,” Igrag tweeted regarding the weekly chart of XRP/USD, emphasizing the importance of the recent moves within the time frame. This observation is useful in understanding the underlying market structures that influence the upcoming price movement.
Implied meaning? If another weekly candle confirms its position within this formation, the odds of the uptrend continuing may increase significantly. “To confirm the continuation of the uptrend, we need to see another full-body weekly candle close within this structure,” Igraj added.
Next, his view extends to the three-day chart, where he keenly notes: “In just 16 hours, XRP is poised to complete the second full-body candle within the structural formation, indicating a strong bullish sentiment.” This near-term forecast underscores the sense of momentum that appears to be building within the XRP market.
The one-day chart also caught Igraj’s attention. He highlighted the imminent completion of the seventh full-bodied candle within the current structure, noting that this indicates a “very bullish trend.” This observation indicates that XRP’s bullish behavior is not just a transient phenomenon but has consistency across different time frames.
For traders with a penchant for shorter time frames, Egrag’s insights into the 12-hour chart are particularly notable. Although there were multiple closes within the structural formation, he highlighted the importance of sustained momentum: “The current candle and the next candle are pivotal because they form a symmetrical triangle.”
He elaborated on the implications of this pattern, saying: “Symmetrical triangle breakouts typically have a 50/50 chance, making this a decision point for XRP.”
XRP price targets
Returning to an October 27 tweet, Igraj demarcated important price zones, highlighting the “$0.54 to $0.58” range as the threshold for success or collapse. Moreover, he cited the range of “$0.63-$0.70” as a pivotal indicator of market sentiment changes.
For those interested in the psychological dimensions of trading, iGrage’s mention of the “0.93-$1” category is noteworthy. He cautions traders against this area, advising them to “stick to your plan and resist the temptation to let emotions or impatience dictate your actions.”
In short, Egrag’s comprehensive analysis blends technical data, trader sentiment, and psychology, providing an accurate and detailed perspective for those investing in XRP. The coming days are likely to be watched with bated breath as traders anticipate the next big move.
At press time, XRP was trading at $0.5595.
Featured image from Shutterstock, chart from TradingView.com