Market expert EGRAG anticipates XRP’s price will skyrocket to either $8 or $27 due to a quarterly hammer candlestick pattern formation. Despite bearish conditions, EGRAG remains optimistic about XRP. Recently, XRP fell below the $0.49 mark due to market turbulence, which pushed it below the crucial $0.50 level earlier in the week.
However, these setbacks have not shaken EGRAGās positive outlook, as he relies on technical indicators to gauge XRP’s potential. He highlighted the significance of the hammer candlestick pattern on the XRP 3-month chart.
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Significance of the Hammer Candlestick Pattern
A hammer candlestick pattern is a bullish reversal pattern that typically appears after a downtrend. It features a small body near the top of the trading range and a long lower shadow, with a small or nonexistent upper shadow. This pattern indicates that despite significant selling pressure, buyers stepped in to push prices back up, suggesting potential upward price movement. According to EGRAG, XRP has only formed this hammer candlestick pattern on the 3-month timeframe twice since its inception.
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The first instance occurred from April to June 2016, and the second from July to September 2017. Interestingly, after each formation, XRP experienced substantial price increases. Following the 2016 candlestick, XRP surged 5,550% from June 2016 to $0.39887 in April 2017. Similarly, after the 2017 hammer candlestick, XRP rallied 1,745% to reach its all-time high of $3.31 in January 2018.
Potential for a New Hammer Candlestick Pattern
EGRAG suggests that XRP is on the verge of forming another hammer candlestick pattern in the 3-month timeframe. For this to happen, XRP must close above the $0.55 to $0.58 range for the current 3-month candle, which will close at the end of this month. The closing price for this month could determine XRP’s direction for the rest of the year.
XRP Surge to $8 | EGRAG Crypto
If XRP forms the hammer candlestick, it could follow one of two trajectories. Should it mirror the first hammer candle’s path, EGRAGās chart suggests its price will rise 1,744% to $8. Alternatively, if XRP follows the second hammer’s trajectory, its price could increase 5,500% to $27. EGRAG emphasized that this path would take longer to reach its ultimate goal.Ā
XRP Surge to $27 | EGRAG Crypto
He predicts a rise to $1.3, followed by a retracement before an eventual surge. Three months ago, EGRAG projected this $27 target based on a bullish SMA cross.Ā
Despite trading below $1, XRP currently trades at $0.4887, marking a 0.51% drop over the last 24 hours.
