Cryptocurrency analyst Egrag Crypto says XRP could explode to $1.30 based on an emerging “W” pattern on the technical chart. These rare patterns typically precede massive volatility, suggesting a significant price move may materialize once the second “W” leg finishes forming.
In a recent tweet, Egrag highlighted similarities between XRP’s current consolidation and previous “W” structures, signaling heavy volatility is brewing. These multi-week formations feature two rounded highs and lows resembling a W shape prior to powerful breakouts.
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While still developing, Egrag notes XRP’s potential “W’ could foreshadow targets between $1 and $1.30 once the pattern completes with an upside breakout. Using logarithmic and non-logarithmic targets, he forecasts measured moves reaching up to $1.25 with room to extend towards $1.30 based on historical instances of similar patterns.
XRP ‘W’ pattern is still forming
However, because the second “W” leg hasn’t finished forming, Egrag admits it may end up confirming characteristics more closely resembling a green or blue dotted pattern instead. So while an explosive move appears likely, traders await further price action to clarify the exact structure.
Still, analyst Egrag conveys unwavering confidence in lofty XRP projections, as legal difficulties and market turbulence temporarily obscure the technical picture.Â
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According to CoinGecko data, XRP is trading at $0.512 with a 2.4% surge in value over the last 24 hours. However, the coin has failed to gain traction in comparison to other altcoins.