XRP Investors Eye $17 Target Amid 950-Day Holding Pattern
Key Takeaways:
- XRPs Bent Fork suggests potential for a price target around $15, with new projections now reaching $17.
- The cryptocurrency has remained in an accumulation phase for nearly 950 days, hinting at a future breakout.
- A significant retracement to $3.5 could establish a new structural foundation for further accumulation.
XRP is drawing attention with its unique Bent Fork chart, introduced by expert EGRAG CRYPTO in June 2023. This chart outlines four crucial tracks for XRPs price trajectory: Major Historical Support, Ranging Zone, Mid-Cycle Top, and Cycle Top.
The Cycle Top (Track D) is particularly noteworthy, with projections indicating a potential price surge to around $15. If XRP can break free from the Red Falling wedge, a significant price explosion could occur, shaking the market dynamics.
Key Entry Points Emerge as XRP Dips
According to EGRAG CRYPTO, as XRP oscillates within its current price range, market participants are presented with strategic buying opportunities. The anticipated downward movements, while initially disheartening, could lead to advantageous entry points for investors.
Definitely, the shifting market sentiment around the token is a strong indication that patience could be a virtue that pays off in due time. Investors should note the new top set for the Bent Fork at $17. The mark of $1 is also a key psychological resistance that indicates an important threshold beyond which the market might behave differently.
XRPs 950-Day Accumulation Phase
The cryptocurrency has been in a prolonged accumulation phase since April 2022, with approximately 950 days spent in this holding pattern. Such extended periods of price stability often precede substantial movements.
In the best-case scenario, when it does manage to touch $17, historical patterns suggest a correction may occur that draws it even further down towards $3.5. The retracement, steep at 80%, aligns with normal bear market behaviour and could give grounds for a new rally.
With volatility still around in the cryptocurrency market, XRPs roadmap, as represented by the Bent Fork chart, becomes a point of curiosity and absolute necessity for investors. But the token is not quite there yet, and the next months might be pivotal for future trajectories.
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Read more: https://www.tronweekly.com/xrp-investors-eye-17-target-amid-950-day/
Text source: TronWeekly
