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Notable cryptocurrency analyst EGRAG has recently focused attention on XRP, predicting a remarkable rally that could elevate its price to an astonishing $2. EGRAG’s analyses have frequently proven accurate in the past, making his forecasts highly valued within the cryptocurrency community.
A key element of EGRAG’s latest XRP assessment is the “Steel Foundation.” By utilizing a 4-month candle chart, he underscored this foundation, which lies between $1.61880 and $2, indicating bullish momentum. Additionally, EGRAG emphasized the necessity of examining higher time frames when evaluating crypto charts. This method provides a clearer market direction, largely shielded from deceptive signals.
For those who are not acquainted with the “Steel Foundation” concept, it serves as the base of each zone, functioning as a price safeguard for XRP. EGRAG delineated two separate price zones for XRP: Zone A and Zone B. Historically, the foundation of Zone A, located between $0.00485 and $0.00596, has protected XRP’s price. Since 2013, Ripple has remained within Zone A, but a bullish surge in 2017 propelled it into Zone B, which spans from $0.25939 to $0.32630.
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EGRAG’s detailed analysis highlights significant moments for XRP. Notably, in June and September 2022, and again in January 2023, XRP nearly tested Zone B’s critical threshold. These approaches to the edge could have resulted in a price drop for XRP. However, on each occasion, bullish interventions helped stabilize the price.
Moreover, EGRAG pinpointed a crucial price range for Ripple: $0.80 to $0.85. In previous bear markets, XRP has consistently shown a downward trend within this range. Nevertheless, he suggests that if XRP can achieve a monthly green candle closing above $0.83, it may finally break through Zone B. Such a breakthrough would indicate the formation of a new Steel Foundation.
As a result, the opportunity to acquire Ripple at a price below $1 may quickly diminish. However, EGRAG encourages the crypto community to prepare for the potential XRP price surge to $2. This forecast is optimistic, considering that XRP would require a significant 299% increase from its current price of $0.51 to reach the $2 target.
According to recent data from CoinMarketCap, XRP has seen a slight decline of 0.25% over the past day. Nevertheless, with EGRAG’s insights and the impending possibility of a new Steel Foundation, the outlook appears favorable for XRP supporters.
The post XRP’s Forthcoming Rally: EGRAG’s Insight on the “Steel Foundation” and the $2 Mark appeared first on BitcoinWorld.
