thecryptobasic.com
The cryptocurrency market is closely watching XRP after the digital asset has spent over 540 days in a prolonged consolidation phase, according to popular analyst Egrag.
On September 7, Egrag shared a graph illustrating XRP’s price movements since March 13, 2023. The chart painted XRP’s extended period of ranging between key support and resistance levels.
Specifically, Egrag’s analysis indicates that XRP has been trading in a defined zone, bouncing between accumulation levels, marked in yellow, and support areas, with the critical level of $0.3931 acting as a safety net.
The analyst points out that XRP is “ranging” in this zone, showing no clear trend for more than a year and a half. This period of sideways price action could be a precursor to a significant breakout, according to Egrag’s chart, which shows a bullish projection with potential targets based on Fibonacci levels.
Potential XRP Price Targets
Notably, the chart forecasts a potential surge into bullish territory, with price targets set at $0.7399 and $0.9249. In this analysis, the most ambitious outlook is a move toward $1.4694.
This “bullish zone” is depicted in green, representing a potentially explosive breakout following XRP’s lengthy consolidation.
Weak Hands Don’t Deserve XRP Pump
Meanwhile, Egrag left a direct message to the XRP community. He stressed that those who sold out XRP during the lengthy period of discouraging price performance “do not deserve the massive mega pumps” set to come.
It is worth noting that during these 540 days, during which XRP continued consolidating, other assets saw explosive gains. For instance, Bitcoin set an all-time high in March, while BNB did the same in June 2024.
In the meme con scene, FLOKi also cracked a new peak, while Shiba Inu reclaimed high levels last seen in 2021.
Essentially, during the extended periods of XRP’s price stagnation, its rivals experienced significant uptrends, while XRP failed to capitalize on the broader uptrend fully.
However, consolidation phases often precede significant moves as market participants build positions for the next trend. Encouraging patience, Egrag noted that those holding onto XRP during this accumulation phase will be rewarded with substantial gains once the token breaks out of its current range.
As of now, XRP is trading at approximately $0.5324. Egrag’s prediction of a “mega pump” aligns with the sentiment of many XRP supporters, who believe the downside risk for XRP is weakened.
Now, all eyes are on whether the token will make a decisive move toward the bullish levels highlighted by various analyses.