HomeNewsXRP Eyes $107: Analyst Identifies Bullish Hammer Pattern

XRP Eyes $107: Analyst Identifies Bullish Hammer Pattern

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  • Analysts predict a significant rally for XRP, potentially reaching up to $107.3.
  • XRP’s current trading pattern and potential bullish hammer formation signal an impending price surge.

Ripple’s XRP has been a topic of intense discussion among investors and analysts alike. Despite not mirroring the substantial gains of its altcoin counterparts in the current bull run, the undercurrent of optimism surrounding XRP’s potential is palpable.

Market analysts, armed with historical data and technical analysis, maintain a bullish stance, asserting that XRP is known for its pattern of rallying last but significantly.

Unveiling the Potential Hammer Candlestick

A focal point of this optimism is derived from the analysis by a notable chartist, EGRAG, who has been closely monitoring XRP’s performance. EGRAG’s latest insights are drawn from a three-month chart analysis that hints at the formation of a bullish hammer candlestick.

This specific formation is critical, as it often precedes a significant price rally. According to EGRAG, the candlestick that began in January is showing bullish tendencies, and its closure by the month’s end could solidify the bullish hammer, setting the stage for a potential rally.

Navigating the Symmetrical Triangle

EGRAG’s analysis also brings to light XRP’s trading pattern within a symmetrical triangle, a continuation pattern that has encapsulated XRP’s price movement since its peak at $3.31 in January 2018.

This pattern is not new to XRP; a similar trading behavior was observed from mid-2013 to late 2016, eventually leading to a monumental breakout in the first quarter of 2017. Drawing parallels, EGRAG posits that XRP is on the cusp of another significant price movement.

With the backdrop of the symmetrical triangle and the potential bullish hammer formation, EGRAG outlines an ambitious path for XRP. If the crypto asset adheres to the projected trajectory, represented by a newly drawn green line, it could surpass previous milestones.

The analyst’s projections are bold, forecasting a rally to $7.5, followed by a surge to $11, and not stopping until it reaches the $27 mark.

Also, XRP is also part of the list of cryptocurrencies that must be monitored this March, along with Cardano and SHIB, following reports from ETHNews. For a deeper dive into these developments, a detailed explanation is available in this Youtube video.

The Ultimate Bullish Scenario

In a scenario that seems almost cinematic, EGRAG extends his bullish projection for XRP to a realm where few dare to tread. Surpassing the $27 mark could catapult XRP into an unprecedented territory, with a potential value of $107.3.

Such a leap would represent a staggering 17,903% increase from its current trading price, a figure that captivates the imagination of every crypto enthusiast.

At the time of writing, the price of XRP has risen 1.67% in the last 24 hours, reaching a price of $0.6249. This represents an increase of 5.22% over the past 7 days.

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Syofri is an active forex and crypto trader who has been diligently writing the latest news related to the digital asset sector for the past six years. He enjoys maintaining a balance between investing, playing music, and observing how the world evolves. Business Email: [email protected] Phone: +49 160 92211628