XRP Price May Climb to $22 Based on Candle Pattern
Crypto analyst Egrag Crypto has highlighted a significant bullish candle formation that may propel the price of XRP to heights of $22. This prediction aligns with his earlier assertions that the altcoin could ultimately achieve a market capitalization of $1.5 trillion, indicating a favorable sentiment among investors.
XRP Price Eyes Rally to $22 As Bullish Candle Forms
In a recent post on X, Egrag Crypto indicated that Candle 13 on the yearly chart may serve as the breakout candle that pushes the XRP price toward targets of either $13 or $22. He further noted that it is plausible for the altcoin to surge beyond these levels, with potential price wicks extending higher than $22. This analysis is rooted in his examination of Candle 9, the yearly candle from 2021, which he suggests points to a target of approximately $17.
Technical Analysis: Key Candle Patterns
Egrag Crypto elaborated on the significance of Candle 12, which exhibited a strong Bullish Engulfing pattern. This bullish engulfing sequence originated from Candle 5 and persisted through Candle 11. An essential aspect of this analysis is that the bodies of these candles closed above all preceding candles, a classic indication of bullish momentum. Such patterns occurring on a yearly chart increase the reliability of the signal.
“The bullish candle pattern indicates strong demand and investor confidence, potentially leading to significant upward movements,” Egrag Crypto noted.
Current Price Action and Key Levels
Discussing the ongoing price action of XRP, Egrag Crypto remarked on the prevailing volatility. He highlighted that the body of Candle 13 sits above the $1.85 level, while the wick extends to approximately $3.40. The implications of these figures are critical; a close below $1.85 could signify the end of the current bullish trend, whereas a close above $3.40 would signal a strong forward momentum potentially leading XRP towards double digits.
Moreover, December 31 of this year has been flagged as a significant date, potentially recording pivotal price levels and candle patterns that will contribute to XRP’s historical narrative.
XRP at a Critical Level
In a separate analysis, another crypto analyst, CasiTrades, underscored that the XRP price has returned to approximately $2.25. This range has historically served both as resistance and support since the altcoin’s breakout from $0.50, indicating its importance on the chart.
The Importance of Higher Timeframe Confirmation
CasiTrades pointed out that while smaller timeframes suggest that the $2.25 level could establish support, higher-timeframe confirmations are crucial. For a solid bullish pivot, XRP must secure daily closes above $2.25, underlining this level as a high-probability zone for buyers.
- Next Major Support: Should the $2.25 support fail, analysts suggest that the next significant support lies at $1.90.
- Current XRP Price: As of the latest market data, XRP is trading around $2.21, reflecting a decline of nearly 3% within the past 24 hours, according to CoinMarketCap.
Market Context and Future Implications
As the cryptocurrency market evolves, XRP remains at a crucial juncture. Given the ongoing regulatory developments, particularly with the SEC lawsuit, market participants are increasingly focused on the implications for XRP’s future pricing and utility. A favorable ruling could significantly reshape market dynamics, potentially validating predictions like Egrag Crypto’s bullish outlook.
Ultimately, as XRP navigates these technical indicators and market conditions, investors will be watching closely for the upcoming close on December 31, as it could set the tone for the altcoin’s performance heading into 2024.
Source: newsbtc