May 19, 2024

Crypto analyst EGRAG has recently predicted that XRP is poised for a major rally, with a target price of $2. He believes that the formation of a “Steel Foundation” is a sign of bullish momentum. 

Nonetheless, EGRAG is known for his accurate price predictions, and his outlook on XRP will excite investors.

EGRAG’s Draws Insights from a 4-Month Candle Chart and the ‘Steel Foundation’ Formation

EGRAG’s outlook for XRP is based on a 4-month candle chart analysis. This chart highlights the potential for XRP to rally to an impressive $2.

This rally would be characterized by the formation of what he calls a “Steel Foundation” between $1.61880 and $2.

In addition, the chartist emphasized scrutinizing higher time frames in crypto chart analysis. This approach provides a more dependable view of market trends with low susceptibility to false signals.

Understanding EGRAG’s “Steel Foundation” Concept for XRP

EGRAG’s “Steel Foundation” represents the bottom part of each zone and is the last defense line for XRP’s price. In his analysis, there are two XRP price zones: A and B.  Zone A’s Steel Foundation, ranging from $0.00485 to $0.00596, was the last defense line for XRP’s price.

According to the analysts, Ripple has been within Zone A since 2013 but soared above it in 2017 following a bullish rally. This upward move contributed to the formation of Zone B. 

Zone B, with a Steel Foundation of $0.25939 to $0.32630, has contained XRP since then. EGRAG noted the resilience of Zone A’s Steel Foundation compared to Zone B’s.

EGRAG Outlines XRP’s Encounters with Zone B’s Steel Foundation 

EGRAG’s analysis highlights pivotal moments in recent XRP history. He noted that in June, September 2022, and January 2023, XRP came close to breaching Zone B’s critical threshold.

According to EGRAG, breaking this zone should see XRP drop to its lower levels. Yet, each time, the bulls bravely intervened to prevent possible declines.

Additionally, the analyst identified a critical zone for Ripple, spanning from $0.80 to $0.85. XRP has consistently shown a negative trend within this range during the bear market without any notable surges indicated by a green candle closing above it.

Nevertheless, EGRAG proposed that if Ripple registers a monthly green candle closing above $0.83, it could break through Zone B. Interestingly, a break above Zone B will result in XRP forming a new Steel Foundation. 

Consequently, EGRAG anticipates that the opportunity to acquire Ripple for less than $1 might be limited. However, he advises crypto investors and traders to prepare for the XRP $2 price range.

Notably, XRP needs an over 299% increase from its current price of $0.51 to reach the $2 mark.

According to the chart data, the analyst predicts that Ripple will establish a new Steel Foundation between $1.61880 and $2. This foundation will act as a protective barrier for the next zone. Meanwhile, according to CoinMarketCap, the coin is slightly down by 0.25% in the last 24 hours.

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