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Impartial market technician EGRAG CRYPTO posted an up to date weekly XRP/USD chart on X. The visible, constructed on Bitfinex information, frames all the post-July 2024 advance by XRP because the flag-pole of a traditional bull-flag continuation sample and argues that the following ten-week drift has traced out a near-textbook, downward-slanted consolidation channel whose higher and decrease rails are highlighted in magenta.
XRP Poised For Breakout
“The success charge of breaking upwards is round 67–70 p.c,” the analyst writes, citing bulk pattern-recognition research that underpin the set-up’s statistical edge. XRP is buying and selling close to $2.30, a worth marked on the chart by a blue dotted horizontal line intersecting the physique of the flag.
Associated Studying
Beneath that, a white line at $1.50 information the late-2024 breakout shelf that now capabilities as first higher-time-frame assist, whereas a deeper purple horizontal at roughly $0.60 flags the bottom from which the present cycle started. Threading up via all the construction is a rising yellow shifting common—visually in keeping with the 20-week EMA (at present at $2.21)—underscoring what Egrag calls the market’s “still-positive long-term pattern bias.”
From that basis the technician derives three measured-move goals. “For long-term breakouts I desire logarithmic charts, particularly in crypto, due to its exponential progress over brief intervals,” he defined. On that foundation a log-scale projection extrapolates the total top of the flag-pole and lands at $18.00. A linear projection, which treats every greenback of advance equally, prints a markedly decrease $5.50. Taking what he describes as a “liquidity-adjusted common — my most well-liked methodology for crypto targets,” Egrag settles on $11.75.
Associated Studying
As a result of digital-asset order books stay comparatively skinny, the analyst overlays a variability band of fifteen to twenty p.c, stretching the log goal to roughly $20.70–$21.60, the typical to $13.51–$14.10 and the linear to $6.33–$6.60. “I often apply a 15–20 p.c variability as a result of crypto liquidity remains to be smaller in comparison with legacy markets, so targets can lengthen each methods,” he cautioned.
A disclaimer printed straight on the graphic reiterates that the numbers and targets are “for simulation functions solely and never monetary recommendation.” Even so, the roadmap is evident for Egrag: as long as XRP defends the mid-flag zone close to $2.30 and, critically, the structural pivot at $1.50, the technician contends that an eventual breakout may vault the token into double-digit territory, with the headline log goal sitting simply beneath the psychologically resonant $20 deal with.
At press time, XRP traded at $2.28, nonetheless hovering slightly below the higher trendline of the bull flag. An in depth above the resistance may speed up the XRP value rapidly in direction of the 0.5 and 0.618 Fibonacci retracement ranges at $2.50 and $2.71 respectively.
Featured picture created with DALL.E, chart from TradingView.com