XRP Gears Up for Mega Rally as Analyst Foresees $1.5 Price Target

XRP’s price trajectory aims for a major ascent as a mega ascending triangle takes shape, following the prior formation of a mini ascending triangle. Analyst EGRAG has set a price target ranging from $1.3 to $1.5, offering a positive outlook for the cryptocurrency.

Mega AT Formation in Focus

EGRAG, a prominent crypto analyst, recently updated his analysis, emphasizing the emergence of two critical patterns: a mini ascending triangle (Mini AT) and the forthcoming mega ascending triangle (Mega AT).

The mini ascending triangle first entered EGRAG’s projections in June, with the prophecy coming to fruition when XRP surged to $0.93 in July, spurred by the favourable outcome in the Ripple vs. SEC case. The Mini AT took shape during this surge.

However, XRP has since undergone a correction, wiping out the gains acquired during the July 13 upswing. This decline saw XRP breaking below the structural formation resistance bracketed between $0.5400 and $0.5858.

Anticipating the Mega AT

EGRAG has officially confirmed the establishment of the Mini AT, signaling that XRP is now gearing up for the creation of the Mega AT. Historical patterns have provided a solid precedent for this move. Notably, the Mega AT presents an even higher price target.

Challenges Ahead

Before the Mega AT can materialize, XRP faces several obstacles. The first of these challenges is the newly established supply zone, spanning from $0.75 to $0.87. This zone represents the initial resistance point that XRP must overcome and convert into a demand zone. It’s worth mentioning that XRP had previously transformed the old supply zone into demand, paving the way for the Mini AT.

Following this feat, XRP will confront the structural and psychological zone within the $0.87 to $1 range. Breaking through this zone is a prerequisite for forming the coveted Mega AT.

Disclaimer: The information in this article should not be considered financial advice, and FXCryptoNews articles are intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.