Top analysts describe two scenarios, XRP has a chance to surge 182% to $1.5

Well-known cryptocurrency analyst EGRAG said that XRP may soar by 182% in the next few weeks and return to the price of $1.5.

Despite XRP’s slow trading price at the time of reporting, bullish momentum is picking up in the cryptocurrency market. Specifically, XRP is trading at $0.531 with virtually no positive gains over the past day and week.

Meanwhile, EGRAG stressed his confidence in XRP’s ability to break through price ceilings not seen in months. In the latest update, the analyst conducted an analysis of the symmetrical triangle pattern on XRP’s historical charts, focusing on the triangle formed by recent price action.

It is worth noting that the apex of this triangle corresponds to the high of $0.93 that XRP reached in July 2023, while the bottom corresponds to the low of $0.4. Based on this pattern, he proposed two possible scenarios for a breakout of the downtrend. The first scenario considers his most optimistic short-term forecast.

Scenario 1: XRP reaches $1.5 in a few weeks

Specifically, EGRAG predicts that “a measured move” will push XRP past targets between $1.2 and $1.5. Based on XRP’s current trading price of $0.531, this analysis suggests a 182% price surge is imminent.

Meanwhile, the analyst noted that a move back up to the $0.7 to $0.75 range would ultimately confirm a breakout target of $1.5. Meanwhile, EGRAG said it believes a breakthrough in this forecast will occur in the coming weeks.

However, the analyst acknowledged that a retest of the breakout level is possible, suggesting that XRP could experience a drop or encounter additional resistance before the expected rally. Regardless, he insisted XRP is due for a major rally and reiterated his double-digit price target.

Scenario 2: XRP reaches $0.68

In terms of the second scenario that could emerge from the symmetrical triangle pattern, EGRAG takes into account the floor price that XRP has established over the past ten months. According to him, XRP has shown strong resistance when observed.

In this case, the analyst identified $0.577 as a key resistance level that XRP needs to overcome. Although $0.5 is a critical support level, he identified $0.6799 as a breakout point.

Notably, EGRAG’s latest update aligns with his ongoing analysis of XRP trading under what he calls the “true awakening line.”

Although he has an optimistic $1.5 target based on the recent symmetrical triangle, his analysis of the broader triangle pattern suggests a more ambitious price range for XRP between $5.89 and $7.5.

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