XRPs 540-Day Struggle Nears Explosive Breakout: Analyst
The cryptocurrency market is keenly observing XRP after it spent over 540 days in a prolonged consolidation phase. Popular analyst Egrag recently shared his insights on XRPs price movements since March 2023, sparking interest in a potential breakout.
Egrags chart shows XRP trading between key support and resistance levels, highlighting a long period of sideways movement. Since March 13, 2023, the digital asset has bounced between accumulation zones and support areas, with the $0.3931 level acting as a crucial safety net.
The price has been stuck in this range for over a year and a half, with no clear breakout in sight. According to Egrag, this extended period of consolidation could signal the build-up to a significant upward move. His chart indicates bullish targets based on Fibonacci retracement levels, with potential price targets at $0.7399 and $0.9249. In a more ambitious outlook, the token could surge to $1.4694.
This prolonged accumulation phase could lead to what Egrag terms a mega pump. He delivered a direct message to XRP holders, stating that those who sold out during this stagnant period do not deserve the massive mega pumps ahead.
XRP and Other Tokens
While XRP has remained range-bound, other cryptocurrencies have flourished. Bitcoin reached an all-time high in March, while Binance Coin (BNB) hit a peak in June 2024. Meme coins like FLOKI and Shiba Inu also saw significant gains. The token, on the other hand, failed to capture the momentum of these market rallies, lagging behind its peers.
Still, consolidation often precedes large moves, as traders accumulate positions in anticipation of the next trend. Patience may be the key, as Egrag believes that the token holders who remain during this phase will see substantial rewards.
Currently, XRP trades at approximately $0.5324, and the crypto community is eager to see if the token can break out of its range and hit those bullish targets.
Read more: https://www.tronweekly.com/xrps-540-day-struggle-nears-breakout-analyst/
Text source: TronWeekly
