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Crypto analyst EGRAG believes $XRP is repeating a pattern it observed from late 2020 to early 2021, projecting an ultimate 783% increase to a $4.5 high.
EGRAG disclosed this in an analytical post on X. He called attention to two types of ascending triangles (AT): the Mini Ascending Triangle, which demonstrates a small rally, and the Mega Ascending Triangle, which represents a massive rally.
He designates the Mini AT with a white color and the Mega AT with a blue color. Per his assertions, the Mini AT typically occurs before the Mega AT. However, after the Mega AT completes, $XRP then stages an impressive rally (represented in green) even greater than the gains of the Mega AT.
The Road to $1.9669
His charts show that this pattern occurred from November 2020 to April 2021. However, the chart does not show the formation of the Mini AT in 2020. Notably, $XRP formed the Mega AT when it soared to $0.7900 on Nov. 24, 2020.
Nonetheless, it faced a correction after the completion of the Mega AT, collapsing to a low of $0.1700 on Dec. 29, 2020. Interestingly, this correction coincided with the SEC’s lawsuit against Ripple.
Following the correction, the asset staged a massive rally (represented in green), surging to a high of $1.9669 on April 14, 2021.
$XRP Following a Similar Pattern
EGRAG thinks this pattern is playing out again in this cycle. According to the charts, $XRP completed the Mini AT when it rallied to $0.93 on July 13 on the heels of the lawsuit victory. However, as in the past, the asset faced a correction that has lingered till now.
Note that $XRP formed a multi-year downtrend when it dropped from the high of $1.9669 in April 2021. The asset broke this downward trendline during the July 13 rally. However, amid the correction from the July 13 top, $XRP retested the trendline and is now looking to continue the historical pattern.
The analyst believes the next path for $XRP is the formation of the Mega AT. He puts a target of $1.5 for when $XRP completes the Mega AT. Following the Mega AT, he believes the massive rally (represented in green) will ensue, with an ultimate target of $4.5.
$XRP is changing hands at $0.5095 as of press time, down 2.27% over the last 24 hours. Skyrocketing to $4.5 from this point would require a 783% rally. EGRAG noted that he is not projecting any timeline for this target, just the roadmap.