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The independent market technician Egrag Crypto has published a weekly graphic XRP / USD updated on X. The visual, built on Bitfinex data, supervises the entire juillet 2024 by XRP as pole of the flag of a classic bull continuation model and highlighted the downward consolidation channels.
XRP ready for a breakup
“The success rate of the rupture is approximately 67 to 70%”, the analyst writingQuoting studies of recognition of bulk models underlying the statistical edge of the configuration. XRP is negotiated almost $ 2.30, a marked value on the graph by a horizontal blue dotted line crossing the body of the flag.
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Below, a white line at $ 1.50 records the end of 2024 shelf which now works as a first upper time support, while a deeper red horizontal to approximately $ 0.60 signals the base from which the current cycle started. The film throughout the structure is an increased mobile average – visually in accordance with the 20 -week EMA (currently $ 2.21) – by leaving what EGRAG calls “still positive long -term trend bias”.
From this foundation, the technician draws three measured movement objectives. “For long-term eruptions, I prefer logarithmic graphics, especially in crypto, due to its exponential growth over short periods,” he explained. On this basis, a projection on the logarithmic scale extracts the full height of the pole of the flag and landed at $ 18.00. A linear projection, which also treats each dollar in advance, prints a significantly lower $ 5.50. Taking what he describes as an “average adjusted in liquidity – my favorite method for cryptographic targets”, EGRAG consists of $ 11.75.
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Because digital assembly control books remain relatively thin, the analyst covers a variability strip from fifteen to twenty percent, extending the newspaper’s target to around $ 20.70 to $ 21.60, the average at $ 13.51 to $ 14.10 and the linear at $ 6.33 at $ 6.60. “I generally apply a variability of 15 to 20% because the liquidity of cryptography is even smaller compared to the inherited markets, so that the targets can extend in both directions,” he warned.
A warning printed directly on the graph reiterates that the figures and targets are “for simulation purposes only and not financial advice”. Even so, the roadmap is clear for EGRAG: as long as XRP defends the mid-drape area almost $ 2.30 and, critically, the structural pivot at $ 1.50, the technician maintains that a possible escape could jump the token in two -digit territoryWith the target of the title newspaper sitting just under the handful of $ 20 psychologically resonant.
At the time of the press, XRP exchanged $ 2.28, always pampered just below the higher trend line of the bull flag. A fence above the resistance could quickly accelerate the XRP price to the trace levels of 0.5 and 0.618 Fibonacci at $ 2.50 and $ 2.71 respectively.
Star image created with dall.e, tradingView.com graphic
