Market analysts predict that the next wave of triangle consolidation will push XRP prices to $50 to $200

Well-known market analyst EGRAG pointed out that during the next triangle consolidation, XRP may soar to the price range of 50 to 200 US dollars.

EGRAG’s latest price analysis comes on the heels of XRP’s downward trend, sparking concerns and continued bearish sentiment among market participants. Notably, XRP is currently trading below the key psychological level of $0.50, which has served as support for several months during the market downturn.

XRP briefly reclaimed the $0.50 level overnight, but the momentum was negated by renewed bearish pressure in the market, causing Bitcoin (BTC) to drop below $65,000 earlier today for the first time in nearly a month. The global crypto market capitalization has dropped by 2.3% in the past 24 hours due to the overall collapse.

Currently, XRP is the only asset among the top 20 assets to have seen a price increase over the past 24 hours, despite a meager gain of 0.6%. Under current market conditions, EGRAG believes XRP will also outperform in the near future, citing data from a 2-month chart.

XRP's Historical Triangle Consolidation Pattern

In his analysis, he uses historical context to make his bullish predictions. Interestingly, XRP is currently trading inside a symmetrical triangle. This broad triangle formed in the 2018 cycle, after XRP hit an all-time high of $3.31 in January 2018. In a series of declines and rises, XRP has failed to break out of either the upper or lower boundaries of the triangle.

EGRAG calls this triangle a triangle consolidation, showing that this marks the second time in XRP's history. It is worth noting that before XRP formed this second triangle, it rose by 914% in mid-2017. After sliding into the triangle, it continued to record intermittent but huge gains, including a 4,587% gain to $3.3.

Now, market analysts expect XRP to surge into the third triangle consolidation, suggesting that this upcoming triangle will bring higher prices. For example, he expects XRP to surge 914% to reach this triangle position, similar to the situation in mid-2017.

XRP targets $50 to $200 in third triangle consolidation

Once in a triangle consolidation, EGRAG forecasts a repeat of the gains of the 2017/2018 cycle. Specifically, he believes XRP will reach the $50 price point and then surge to $200. According to him, when this price level is achieved, then newbies will discuss XRP’s stagnation at $50 and negate its surge from $50 to $200.

As of now, XRP is currently trading at $0.4937, attempting to recover the $0.50 level amid the overall market turmoil. A move from this price level to $200 would require a gain of 40,410%. Apart from EGRAG, analyst Javon Marks has been predicting that XRP will reach $200.

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