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XRP is currently at a crossroads, according to Egrag, as its next trajectory from this point could propel it to $3.3 or lead to a massive $250 price.
Egrag, a skilled chartist and prominent analyst, recently called attention to XRP’s delicate position. Building on a previous analysis, the market watcher emphasized that XRP’s next line of action from here is extremely important, as it could either result in a surge to $3.3 or a pump to a massive $250 price point.
XRP Trapped in Gaussian Channel
As previously reported by The Crypto Basic, two weeks back, Egrag pointed out that, in the current cycle, XRP has registered multiple closes above the Gaussian Channel – an analytical indicator leveraged by traders to filter out lag in an asset’s price movements. This is done with the use of statistical data and historical patterns.
According to Egrag, historical data suggests that XRP typically reaches the end of a bear market when it prints multiple closes above the Channel. However, he stressed that these multiple closes are usually followed by a dump and a period of decline before the asset finally skyrockets.
A 633% Rally or a 55K% Surge?
XRP had dumped by 19% at the time, and now the asset has spent 35 days in a decline, trading at the mid-point of the Channel. The general idea is that XRP will experience a price pump in the foreseeable future. However, Egrag’s latest analysis posits that the asset’s looming pump will take it to $3.3 if it continues to consolidate in the mid-point of the Gaussian Channel.
#XRP Gaussian Channel & ABC ($3.3 or $250 !!!!!):
Before reading this post, I need you to re-read the post dated back on 10th of May 2023 in order to remember the logic behind this TA. https://t.co/V6hV7qgU43
So far #XRP is still in alignment between 'A' & 'B' of the previous… pic.twitter.com/9uwJKCUeLK
— EGRAG CRYPTO (@egragcrypto) May 22, 2023
This pattern would be similar to a previous price movement engineered by the asset in 2021 when it surged from $0.22 in December 2020 to $1.91 in April 2021. This marked a 768% increase in XRP’s value. Notably, rising from its current value of $0.45 to $3.3 would take a 633% surge for XRP.
On the other hand, Egrag emphasized that XRP could take another direction from here that would result in a more massive price gain. He noted that if XRP does not continue to consolidate at the mid-point of the Channel, but rather dumps further to the lower end of the Channel, it could rise to $250.
This second proposed scenario also has its roots in historical data. Notably, XRP made similar moves between 2017 and 2018 when it soared by 30,069%. Interestingly enough, an increase from its current value to $250 would take a rally of 55,455%. This would mark XRP’s biggest rally to date.
Meanwhile, in the short-term, the asset has succumbed to bearish pressure, relinquishing the $0.46 territory, as it currently trades for $0.4536 as of press time. Despite being down 1.26% in the past 24 hours, XRP retains a 1.52% gain in the past week.