Expert Eyes XRP Explosion, Says in Years to Come, It Wont Matter What Price You Bought

A market expert sees XRP exploding beyond the current price levels, contending that in years to come, the current acquisition price will not matter.EGRAG, a prominent market commentator, made this assertion in his latest disclosure. Notably, the statement comes at a time when XRP is witnessing a period of persistent turbulence, as Bitcoin (BTC) observed massive price declines.XRP Within a Broadening WedgeIn his analysis, EGRAG's chart shows a large broadening wedge pattern formed by XRP on the 3-day chart since 2014. For the uninitiated, in a broadening wedge, sellers and buyers are increasingly stepping into the market, forming higher highs and higher lows.This leads to the creation of two diverging trendlines, creating a widening range. The pattern typically signals increased volatility and suggests that a breakout, either up or down, is likely. Notably, XRP's structure appears to be an ascending wedge, which often leads to a break below, but EGRAG believes current market conditions can be bullish.Breakout AttemptsInterestingly, XRP has only attempted a breakout, up and down, four times since the wedge took shape. The first attempt occurred in December 2014, when XRP soared to a high of $0.0280. However, the resistance at the upper trendline triggered a massive correction.The pullback extended for over two years and led to the second breakout attempt, a bearish one. In this case, which occurred in February 2017, XRP collapsed to a low of $0.00525, with the bears looking to breach below the lower trendline of the wedge. However, XRP showed resilience, eventually recovering.

XRP Broadening Wedge | EGRAG Crypto

Expectedly, the recovery triggered another attempt at breaking above the upper trendline in January 2018, when the asset hit a new all-time high of $3.8. However, again, the asset failed to breach the trendline.The fourth attempt, another bearish one, occurred recently during the collapse to $0.3825 in July 2024. However, the bulls again defended the support at the lower trendline, with XRP pulling off an impressive recovery effort from November 2024 on the back of the U.S. presidential election. Now, despite the recent correction, data from the chart shows that XRP is still in an uptrend, and the next retest of the broadening wedge could be at the upper trendline, which now sits at a massive price point.It Won't Matter the Price You Bought XRP NowEven below the current position of the upper trendline, EGRAG has mapped out several ambitious XRP price targets at different Fibonacci extensions. Notably, the first target sits at $8.15, aligning with Fib. 1.272, while the second target rests on $13.3 (Fib. 1.414), both new all-time highs.Interestingly, beyond these, EGRAG eyes an ultimate target of $27, which aligns with the Fibonacci 1.618 extension. The analyst has consistently projected this target for XRP across multiple reports. In his latest analysis, he charged those who are without conviction to go ahead and sell off their holdings. However, the market commentator projected that in the next few months or years, it will not make a difference whether an investor bought at $2 or $3, implying that XRP would have exploded well above this level.

Text source: The Crypto Basic

Market