• Ripple’s XRP is going through a 21-month slump and has developed a falling wedge pattern which suggests that buyers are taking control.
• According to expert Egrag Crypto, if this downtrend reverses, the price of XRP could soar to $1.4.
• The last time the price of XRP reached $1.4 was in May 2021.
XRP Price Set to Soar
Analyst Egrag Crypto has revealed that Ripple’s XRP could potentially skyrocket to $1.4 if it succeeds in reversing its current 21-month downward trend. This would be a significant jump from its current price of 0.4150 USD and its all-time high of 1.40 USD back in May 2021.
Falling Wedge Pattern
The asset has formed a falling wedge pattern, which is a bullish reversal pattern indicating that buyers are starting to take control and selling pressure is waning. This suggests that an increase in price may be on the horizon for the asset if it can reverse the current downturn it has been trapped in since May 2021.
Two Potential Outcomes
Egrag outlined two potential outcomes for the asset at its current price: either a drop to 0.22 USD or an increase to 1.40 USD depending on whether or not the downtrend continues or reverses respectively. He also mentioned that a crucial resistance level for XRP’s price movement will be at 0.786 Fibonacci point, and that breaking above this level may make it more likely for XRP’s bullish run towards 1.40 USD to occur as predicted by Egrag Crypto
Positive Friday Session
Ripple’s XRP followed other crypto assets during their positive Friday session but without any new developments regarding SEC v Ripple case, investors were left speculating what might happen with no certain guidance available yet regarding what lies ahead for XRP holders and traders alike
Overall, Ripple’s XRP is still trading in red today however analyst Egrag Crypto strongly believes that if there is a successful reversal of its current downtrend then investors should expect prices up to around 1,400% higher than they currently are – with prices reaching up to $1.4 once again after almost 2 years since its all time high back in May 2021