The price of Ripple (XRP) may be on the verge of a strong rise, as market analyst EGRAG pointed to a combination of technical tools that could push it into the tens.
In his latest analysis, EGRAG linked three charts using the Kangaroo technique, the Gaussian channel, and the 21-week Exponential Moving Average (EMA), along with the Elliott Wave theory. His analysis explained how all these indicators point to a continuous consolidation phase that may soon transition into an upward trend.
Gaussian channel, Kangaroo technique, and 21-week Exponential Moving Average
EGRAG's first chart shows Ripple's stability above the upper line of the Gaussian channel, which currently stands at $1.75. EGRAG views this price level as critical. If Ripple remains above it at weekly close, it will maintain the upward trend. However, a close below this line may indicate the beginning of a deeper correction.
On the same chart, EGRAG placed Kangaroo symbols to identify other important areas: one near $0.06 and another around $3.40. Notably, the Kangaroo symbol at the $0.06 area in 2017 was consistent with a launch pad to the all-time high of $3.8 later that year.
XRP Gaussian Channel and 21 EMA | EGRAG Crypto
Notably, the appearance of another Kangaroo symbol at the recent high of $3.4 indicates that this price could also serve as a launching pad. EGRAG also highlighted the 21 EMA, which appears just below the current price and confirms the bullish tone as long as $XRP does not fall below it.
Furthermore, he mentioned a pattern from 2017 showing accumulation before the breakout to $3.8 in January 2018. According to him, XRP could repeat this pattern if a breakout occurs in July. However, if XRP's price does not rise in July, he believes the market may move sideways for up to 110 days.
Elliott Waves for price #XRP targeting $10
At the same time, in the second chart, EGRAG pointed to the $2.33 level as the next major resistance level directly above the Exponential Moving Average. Specifically, if XRP surpasses this level, the upward momentum may strengthen. He also identified the $2.65 level as a price breakout indicator, referring to it as a 'launch signal.' A weekly close above this level would confirm a strong rise.
Launch Signal for XRP Price | EGRAG Crypto
Despite the recent decline amid the market crash, XRP's price still maintains its support at $2, keeping it well above the key $1.75 level. EGRAG sees this recent drop as part of normal volatility but warns that a drop below $1.75 could harm the situation.
It is worth noting that the third chart uses Elliott Wave theory to highlight the current situation of XRP. EGRAG believes that XRP is in the fifth wave of a larger cycle, which usually represents the last push upward. He calculated a potential gain of 477% based on Fibonacci extensions, placing the next big target between $9 and $10.
Elliott Wave Structure for XRP | EGRAG Crypto
This was based on the combined strength of waves 1 and 3, applying the 61.8% ratio to estimate the fifth wave. While EGRAG identifies the $10 level as a near-term peak, he also hints at the possibility of reaching $27 if momentum continues.
However, there are some risks. XRP must maintain the $1.75 level to sustain its bullish structure. If the token fails to rise before the end of July, the market may abandon the current pattern and slip into another long period of sideways movement.
However, in the short term, traders should monitor XRP's reach to $2.33 then $2.65. These two levels may confirm the beginning of a strong rise. If support holds and XRP surpasses the resistance level, the path towards $10 may begin.
