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Whales Accumulate XRP Amid Bullish Technical Signals
Cryptocurrency analyst Egrag Crypto recently shared an in-depth analysis on X (formerly Twitter), highlighting a potentially bullish setup for XRP. According to Egrag, XRP’s price is currently forming a symmetrical triangle pattern—a technical formation that often precedes a significant price movement. The analyst suggests that a breakout from this structure could drive XRP’s price as high as $30, citing historical parallels such as the 2,600% surge during the 2017 bull run.
Egrag posits that if XRP retraces to the triangle’s edge near the $1.20 level, the setup could align for a substantial rally. While the $30 target may appear ambitious, it reflects growing optimism among market participants anticipating a breakout.
This analysis is consistent with similar observations from other market analysts. Notably, last month, Ali Martinez shared a video pointing to a breakout from a multi-year symmetrical triangle that has been forming since 2018, with a projected upside target of $15.
Egrag has previously published comparable bullish forecasts for XRP, though the market has yet to validate these projections. Meanwhile, increasing whale activity suggests that large holders may be positioning themselves in anticipation of a potential upward move, adding further weight to the bullish sentiment.
The post originally appeared on Coin Edition.
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