XRP’s 3-Day ‘W’ Pattern Signals a Potential Rally in the Coming Months

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XRP Replicates Bullish Symmetrical Triangle Pattern, Will it Surge
  • EGRAG CRYPTO has spotted a ‘W’ pattern on the 3-day XRP chart.
  • According to the analyst, the identified pattern is a bullish signal that could send XRP to $1.16.
  • EGRAG CRYPTO’s ‘W’ pattern for XRP spans seven months, beginning from July 2023.

EGRAG CRYPTO, a prominent member of the XRP community on X, has spotted a ‘W’ pattern on the 3-day XRP chart. In his recent post, the renowned analyst identified the spotted pattern as a bullish signal that could see the altcoin rally to $1.16 soon.

The spotted ‘W’ pattern spans seven months, beginning from July 2023 after the XRP price surge that followed Ripple’s partial victory in court. Since then, XRP began an alternating trend of dips and rallies in an overall sideways direction.

According to EGRAG CRYPTO, the ‘W’ pattern formed by XRP aligns exceptionally well for a potentially significant move. He expects XRP to bounce off the current support around $0.59 to retest before breaking the next resistance around $0.75. XRP has tested that level twice since July last year.

Meanwhile, the renowned analyst projects two possible targets for XRP in the event of the breakout. He spotted a non-logarithmic target of $1.02 for XRP and a logarithmic target of $1.16. Hence, in the event of logarithmic growth, EGRAG CRYPTO expects an early surge in XRP price before slowing down to terminate at the projected target.

Although many XRP supporters expect the cryptocurrency to rally alongside other altcoins, EGRAG CRYPTO did not rule out the possibility of a further price dip. He thinks a break below $0.59 could see the altcoin fall to the next support around $0.445. However, he considers that a worst-case scenario, as the overall XRP momentum remains bullish.

XRP traded for $0.63 at the time of writing after bouncing off the $0.59 support region, according to data from TradingView.

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