A crypto expert forecasts XRP hitting $0.70 via an inverse head and shoulders pattern, hinting at a trend reversal.
XRP’s breakout from a descending channel sparks uncertainty about a possible retest of the upper trendline.
The analysis projects XRP’s trajectory targeting $0.70, dependent on surpassing the $0.66 resistance and avoiding dropping below $0.52.
A crypto analyst, EGRAG, has projected a significant surge for XRP, setting a target at $0.70 based on technical patterns suggesting a bullish reversal. The focal point of this anticipation revolves around the inverse head and shoulders pattern formation, a bullish indicator hinting at a potential trend reversal.
EGRAG’s analysis has garnered attention by outlining XRP’s recent breakthrough from a persistent descending channel that had plagued its performance since November 6. While the surge above the $0.62 mark on November 23 fueled optimism, EGRAG cautioned that this breakout might be deceptive, raising concerns about a potential retest of the upper trendline following a probable drop.
The inverse head and shoulders pattern, a pattern characterized by three distinct lows, with a significant low (head) nestled between two minor lows (shoulders), is a promising signal of a shift from a downtrend to an uptrend. Notably, XRP manifested the left shoulder at $0.5860 on November 17 and the head at $0.5700 on November 21, followed by a recovery leading to the breakout from the descending channel.
Source: EGRAG CRYPTO
EGRAG’s projections hinge on XRP’s ability to navigate the $0.66 resistance, a crucial milestone for achieving the targeted $0.70 mark. The trajectory outlined by EGRAG initially indicated a path to $0.52 and a subsequent surge past $0.70. However, an update from the analyst suggests a potential deviation from this trajectory, with the prospect of XRP skyrocketing without descending below the $0.52 zone, contingent on a closing above $0.6289.
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