XRP Eyes 2,829% Rally to $15 in Imminent Breakout Above Multi-Month Ascending Triangle
XRP remains on track to register a 2,829% increase to the ambitious $15 price point, according to prominent analyst EGRAG, who envisions a breakout from a multi-month ascending triangle soon.
EGRAG’s latest insights into XRP’s price movements on the Bent Fork build on past analyses from the skilled chartist. Notably, the analyst introduced the concept of the Bent Fork in June, highlighting it as a path with four tracks that XRP needs to follow.
According to him, these four tracks are the Major Historical Support, the Ranging Zone, the Mid-Cycle Top, and the Cycle Top. Presently, XRP remains confined within the Major Historical Support track. The asset would need to break above this track through to the Cycle Top to hit the $15 price point.
The White Ascending Triangle
The latest analysis from EGRAG delves into XRP’s short-term price action, and the resistance points it needs to overcome to break free to the next track. The analyst called attention to a White Ascending Triangle within the Major Historical Support.
XRP has traded in the confines of this ascending triangle since May 2022, following the drop from the $0.9121 high in March 2022. Data from the accompanying chart suggests that a break above this ascending triangle is the first step for XRP toward advancing to the next track.
Over the past year, the bulls and bears have contested to trigger a break above or below the ascending triangle. However, this battle remains tied as each group defends its turf. In July, the bulls recorded a momentary victory when XRP rallied to $0.91, breaking above the triangle.
However, the ensuing correction battered XRP back into the ascending triangle. A subsequent attempt from the bears to bring XRP below the triangle failed when the asset continued to defend its crucial support points.
XRP Targets $15
EGRAG emphasized that XRP has continued to respect the ascending triangle. According to the analyst, this is a “heartening” sign. He predicts a looming breakout, particularly between November’s third and fourth weeks.
The chartist addressed market participants who remain uncertain of their next move at XRP’s current position. He stressed that the current situation could present the last opportunity for these investors to procure XRP at an appealing price.
Notably, once XRP breaks out of the ascending triangle, it would make its way to the Ranging Zone and then to the Mid-Cycle Top. Its last stop would be the Cycle Top, which EGRAG believes would bring the asset to a price of $15. This would mark a 2,829% rise from XRP’s current price.
Meanwhile, in the short term, XRP has recorded impressive gains amid the third victory secured by Ripple. The SEC recently dropped its case against Ripple’s executives Brad Garlinghouse and Chris Larsen. XRP has rallied to $0.5121 in response.