One of the top analysts in the cryptocurrency field, EGRAG CRYPTO (@egragcrypto), emphasized the 'giant W pattern' forming on the long-term chart of XRP. He stated, 'The giant W pattern is about to unfold,' suggesting that this pattern may soon be confirmed.
This double bottom pattern is typically associated with trend reversals and bullish continuations. It consists of two declines with a rebound in between. This reflects a broader consolidation and breakout cycle in XRP's history, signaling that another significant breakout is imminent.
Chart Structure and Technical Background
The chart highlights two large rounded bottoms that have persisted for years, ultimately forming a double bottom pattern, classified as W10 in its commonly used 'W' variant. Such patterns are typically confirmed as bullish continuation signals once the resistance levels are broken.
XRP began to form this pattern after peaking in 2018 but has failed to close above the neck line for years. Its highest point was in April 2021 when the asset price rose to $1.96, before quickly retracing due to bearish pressure from lawsuits.
The neck line of this pattern is located around $2.55, where the price faced significant resistance. According to the chart, XRP surged above the neck line when it skyrocketed over 500% in January, and its recent all-time high also confirmed this breakout.
Current Cycle Target
Based on the outlined structure, the primary upward target for the current cycle is $3.3. This figure corresponds to the completion of the W pattern, reflecting the breakout scenario. Although analysts did not disclose long-term targets in the article, the focus remains on $3.3, which is the starting point for a larger price increase.
For many XRP market participants, the emergence of the giant W pattern indicates a technical basis for ongoing bullish sentiment in the market. This pattern transcends short-term fluctuations and places XRP within a multi-year technical framework.
EGRAG CRYPTO emphasizes this point, calling for patience and encouraging the community to remain stable during the market structure evolution. Now that XRP has confirmed a bullish breakout, entering the price discovery phase and continuing to rise to new highs is just a matter of time.
