XRP remains in the confines of a multi-year ascending triangle, but an expert chartist expects a breakout between July 2023 and August 2024.
Amid its cagey price movements, XRP has continued to trade within the confines of a Multi-Year Ascending Triangle (MYAT) since late 2021. However, Egrag, a prominent chartist, projects an imminent breakout that could now occur between July 2023 and August 2024.
In his initial setup, Egrag shared data on projected breakout dates based on the triangle’s completion percentage and duration. These dates include May 2023 (65%), July 2023 (70%), November 2023 (80%), March 2024 (90%), and August 2024 (95%).
However, the breakout date projected for May 2023 (65%) did not materialize as expected, leading to a failed prediction. Consequently, XRP is progressing toward the 70% completion mark of the triangle, indicating a potential breakout in July 2023.
#XRP Multi Year Ascending Triangle-MYAT📣 Update
📅 27th April 2023 Post Summary:
Ascending Triangles indicate a bullish formation, signaling a potential upward breakout. Here are the key insights:
a) Success rate: 72.77% for profit targets.
b) In bull markets, 83%… https://t.co/w6wjoaus6Q pic.twitter.com/x9l7Xx66hS
— EGRAG CRYPTO (@egragcrypto) June 26, 2023
The breakouts projected to occur when the triangle completes by 80% to 95% are still pending, and they may not materialize. Despite this reality, Egrag disclosed that market watchers typically expect breakouts between 80% and 90% completion rates.
For context, Egrag set up his initial analysis two months ago. He emphasized that ascending triangles are viewed as bullish formations that often come before upward breakouts.
#XRP Multi Year Ascending Triangle (MYAT):
Ascending Triangle (AT) is a bullish formation that anticipates an upside breakout.
Ascending Triangles have a 72.77% success rate of meeting their profit targets with with an 83% success rate on an upward breakout in bull markets.… pic.twitter.com/MiHWbDjErv
— EGRAG CRYPTO (@egragcrypto) April 27, 2023
According to him, in bull markets, they have a success rate of 72.77% in hitting profit targets, with an 83% chance of experiencing breakouts to the upside. However, Egrag advised caution, as fakeouts to the downside also occur.
The analyst presented a simulation of the ascending triangle, projecting its ultimate completion to occur in August 2024. According to the analysis, market watchers typically expect breakouts from the 65% completion mark. However, this isn’t a guarantee, as observed in this case.
EGRAG provides data in a table format with three columns: Percentage, Duration (in days), and Expected Date.
While the analysis anticipates an upward breakout between July 2023 and August 2024, there is no information on projected price targets if a breakout occurs. However, in one of his recent analyses, Egrag emphasized that XRP has the potential to hit $3.3 to $10, depending on the direction it takes from here.
XRP Forms Inverted Hammer
In addition to the ascending triangle analysis, Egrag recently identified an inverted harmer formed by XRP on the weekly time frame.
This pattern suggests a potential bullish reversal, signaling that selling pressure has declined and buyers could be entering the market. However, the chartist stressed the need to look out for confirmation signals before assuming a reversal.
Based on this analysis, Egrag set up short-term support levels for XRP at $0.4822, $0.4610, and $0.4268. Conversely, the analyst put up the short-term resistance levels at $0.5036, $0.5360, and $0.5858.
XRP is changing hands at $0.4819 as of press time, up 0.29% in the past 24 hours. The asset has been facing losses over the last week. If a move to sit above $0.4822 does not occur soon, a drop to $0.4610 could play out.