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XRP Giant Cup Structure May Take XRP From $1.2 to $27

DATE:

JANUARY 27, 2024

WRITTEN BY:

SAM WISDOM RAPHAEL

Prominent market analyst EGRAG remains confident of XRP future price trajectory, maintaining that the giant cup structure could take the asset from a $1.2 price to $27.

EGRAG first unveiled The Giant Cup Structure

The analyst’s chart revealed that since XRP dropped from the all-time high of $3.3 in January 2018, its price movements have taken the shape of a giant cup. This giant cup structure formed as the crypto asset witnessed a steep decline from the $3.3 to a low of $0.11 in March 2020. in a report last November. At the time, XRP traded between the $0.65 and $0.73 price range amid an uptrend that began late into the previous month.

Following the $0.11 low, XRP registered a comeback that has seen it record an upward price trajectory, forming the rest of the cup structure. Nonetheless, data from the chart suggests that the cover of the cup is a firm resistance line which the analyst calls the Stratosphere.

According to EGRAG, the Stratosphere, a descending trendline, has served as a stern resistance point for XRP since the collapse from the $3.3 high in 2018, mounting a formidable roadblock for nearly six years. 

In his earlier analysis, the analyst called attention to Fibonacci 0.702, which rests at the $1.2 price point on the 2-week timeframe. He confirmed that this $1.2 price threshold overlaps with the current position of the Stratosphere. 

He calls this point the “Valhalla Gateway” due to its significance in XRP’s trajectory. According to the analyst, if XRP can breach Fib. 0.702 at $1.2, this would result in a breakout above the Stratosphere. Such a breakout would lead to “Valhalla,” a level of massive price gains.

XRP Could Rise from $1.2 to $27