- XRP is poised for an impressive breakout, potentially surging to $15, marking a 2,829% jump.
- Analyst EGRAG projects XRP’s rise through the ‘Bent Fork’ model, predicting a decisive breakout between November’s third and fourth weeks.
Deciphering the Bent Fork: XRP’s Road to Triumph
XRP‘s potential growth trajectory to $15, as projected by renowned analyst EGRAG, has been the talk of the crypto town. Grounding his analysis on the ‘Bent Fork’ model, EGRAG has been monitoring XRP’s price movement closely, anticipating a monumental leap from its multi-month ascending triangle.
For the unacquainted, EGRAG unveiled the ‘Bent Fork’ in June, describing it as a route comprising four distinct tracks: the Major Historical Support, the Ranging Zone, the Mid-Cycle Top, and the Cycle Top. At this juncture, XRP is navigating the realms of the Major Historical Support track. Its ascendancy to the much-anticipated $15 hinges on its transition through these tracks, ultimately reaching the Cycle Top.
Navigating the White Ascending Triangle
Zeroing in on XRP’s recent price behavior, EGRAG identified a White Ascending Triangle within the Major Historical Support. This ascending triangle, in which XRP has been trading since May 2022, is pivotal. For XRP to progress, it must breach the confines of this triangle, a feat that has been a bone of contention between bulls and bears over the past year.
In this tug of war, the bulls momentarily took the lead in July, propelling XRP to $0.91. Yet, subsequent market corrections pulled XRP back within the triangle. Despite bearish attempts to suppress its value, XRP staunchly held its ground, underscoring the resilience of its support points.
The Anticipation: $15 on the Horizon
EGRAG’s conviction in XRP’s potential is unwavering. Highlighting XRP’s consistent respect for the ascending triangle’s boundaries, he perceives this as a promising indicator. He ardently forecasts a breakout, most likely in the latter half of November.
Addressing the uncertainty plaguing several investors, EGRAG underscores the current scenario as possibly the final window for acquiring XRP at a favorable rate. Following a triumphant breakout from the triangle, XRP‘s journey is delineated through the Ranging Zone and the Mid-Cycle Top, culminating at the Cycle Top and the coveted $15 price point.
In tandem with this optimistic projection, XRP has already showcased commendable growth. Following a decisive win by Ripple as the SEC retracted its case against Ripple executives, XRP’s price has been buoyed, currently standing at $0.5121.
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