If we are to believe Egrag Crypto’s latest analysis, XRP may be on the verge of a massive bull run. However, according to him, there is also a chance that the downward trend will continue and a price of $ 0.22 would not be unlikely. According to the analyst, it can therefore really stand out in two ways for XRP.
Egrag Crypto bases its prediction on a so-called Falling Wedge that it currently sees on XRP’s chart. A Falling Wedge is a technical analysis pattern, which is generally a bullish pattern. It is a pattern formed by a long period of lower highs and lower lows for the price.
Over time, it is possible for the price to break through the resistance at the top of the Falling Wedge. If that breakout is successful, the former resistance line will turn into a support line for the price. If the XRP price succeeds in achieving this, then according to Egrag Crypto, a possible price of $ 1.40 is in the offing for the coin.
Most outlooks are bullish
Incidentally, Egrag Crypto is not the only analyst currently bullish on XRP’s short-term price action. The lawsuit between Ripple and the US financial regulator is also coming to an end and if the company wins, analysts say it could lead to a real price explosion. The opposite is of course also true. It is far from certain that Ripple will easily settle the lawsuit against the Securities and Exchange Commission in its favor.
Also based on technical analysis, CryptoBull sees a positive scenario for XRP in the chart. CryptoBull finds that XRP is currently drawing a bottom pattern similar to 2017 in the chart. Shortly after that pattern, XRP’s price exploded by 100,000 percent. We probably shouldn’t count on that now, but a small portion of that increase would already be a big win for the digital asset.