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XRP W Pattern Could Lead XRP to $40, But Here’s Where to Start Taking Profit
The recent market analysis by EGRAG Crypto has identified a potential XRP W pattern that could lead to a significant increase in the cryptocurrency’s value. According to the expert, this surge could take XRP as high as $40, but he advises investors to start taking profit at much lower prices.
In his latest commentary, EGRAG revealed that XRP is currently trading within the $2.21 range, which is a consolidation phase. Despite the uncertainty surrounding the market, XRP’s W pattern has confirmed that this cryptocurrency is not yet ready for a sustained bearish trend.
It should be noted that over the past four months, XRP has been trapped between $2 and $2.3, with occasional dips below $2 and periodic spikes above $2.3. The consolidation phase could eventually resolve into an uptrend once more, potentially leading to new all-time highs.
The market technician is optimistic about XRP’s future growth prospects due to the formation of this W pattern. He believes that a successful break above the structure will prompt investors to take profit at lower levels before any potential price surge.
In particular, EGRAG advises taking profit between $6 and $7 before embarking on a more aggressive buy-and-hold strategy for higher targets.
Source: thecryptobasic.com
