XRP price has been treading water in recent days. After XRP rose more than 52% in just 18 days from mid-October to early November, the price is currently in a clear consolidation phase over a shorter period of time. However, a look at the 1-month chart of the XRP/USD trading pair shows a strong month for the XRP price.
In this sense, cryptocurrency analyst Egrag said: drawn Notice an extremely rare phenomenon on the XRP monthly price chart. The pattern in question is a series of three consecutive green candles, something that has only been recorded twice in the history of cryptocurrencies.
As the market approaches today’s monthly close, a confirmation of a close above $0.5987 could mean a third monthly green candle for XRP. “Get ready. In the next (few) hours, we are ready to seal another three consecutive green candles,” Egrag said.
Here’s what it means for XRP price:
Exploring the details, Egrag describes two distinct historical precedents following such formation. In the first scenario, a five-month consolidation phase was observed after XRP recorded three consecutive green candles from March to May 2017.
However, the integration phase has had a very optimistic effect. After the shutdown, the price of XRP experienced a massive surge of 1,500% in just two months. Egrag suggests that if XRP’s price action mimics these historical patterns, investors can expect a possible surge to $10 starting April 1, 2024.
The second case Egrag represents the period from December 2015 to February 2016. During this period, prices rose by around 102% for three consecutive green months. This was followed by a 12-month integration phase. But the wait was worth it.
In March 2018, the price of XRP began an incredible 8,000% rise. Recreating this scenario would mean that the price of XRP would likely surge to $50 starting November 1, 2024.
Notably, Egrag suggests an average price target of $30. He said, “XRP army remains steady. The average of these two goals is $30. You know I always whisper to you my secret goal of $27. Hallelujah, my expectations are growing!”
Price Analysis: 1 Day Chart
At press time, XRP was trading at $0.60333. A week ago, the price broke the downtrend channel. However, the bullish momentum quickly disappeared after the price was rejected at $0.627, the 0.382 Fibonacci retracement level.
Related Reading: Bitcoin Is Separated from XRP, BNB, but Correlated with Dogecoin and Cardano
For four days now, the price of If an upward breakout occurs, the price level of $0.627 will be decisive. The price could then break the 0.5 Fibonacci retracement level at $0.688.
However, in case of a breakout of the downtrend, the 100-day EMA at $0.575 would be the first support level. This should hold to prevent the price from falling to the 0.236 Fibonacci retracement level of $0.552, close to the 200-day EMA. The convergence of the two indicators signifies the price level that bulls must defend at all costs.
Featured image from iStock, chart from TradingView.com