Well-known analyst EGRAG has made a bold prediction for XRP, suggesting that the asset could rise to $3 or $4.5 after breaking out and retesting a multi-month trendline.
For X, EGRAG shared technical analysis highlights of the XRP Weekly Volume Visible Range (VPVR) chart, revealing the asset’s potential future trajectory.
According to analysts, there are two key markers that stand out in the VPVR: the Value Area High (VAH) and the Value Area Low (VAL). These two areas are important points of interest for XRP to head towards greater heights.
He noted that VAH represents the highest price level within the 70% total value area, while VAL represents the lowest price within that range. Currently, VAH is around $0.55, indicating a significant resistance level, while VAL is hovering around $0.14.
EGRAG’s analysis paints a bullish picture for XRP as he asserts that the asset’s breakout above a multi-month trendline has also successfully retested the breakout. He believes that this retest sets the stage for a possible significant increase in XRP’s price.
It is worth noting that this multi-month descending trendline was formed when XRP plunged from the high of $1.96 in April 2021. The trendline lasted until July of this year. After the lawsuit victory, XRP broke through this level on July 13. However, during the correction, the asset has now retested the trendline.
VAH is above this trendline at $0.55. EGRAG believes that XRP needs to consolidate above VAH. He also stressed that a weekly candle close above the $1 mark has structural and psychological significance for XRP.
XRP may hit $3 or $4.5
The analyst focused his attention on the yellow trendline on the chart, which he believes could pose a huge challenge to XRP’s future development. He called this trendline the next macro resistance point for XRP.
The data in the chart shows that XRP’s upcoming rebound will hit the yellow trendline barrier. He said that the longer it takes XRP to lay a sufficient foundation for a rebound, the greater its potential value will be when the rebound comes.
Interestingly, if XRP pushes the upcoming rally faster, it could face the next macro resistance at $3, which is the next hurdle for the rally. However, if XRP takes longer to bounce back, the next macro resistance would be $4.5.
EGRAG addressed the XRP community, urging them to remain steadfast. He noted that the next time XRP closes above $1, it could be a sign that XRP will end its monthly trading below $1. XRP is currently priced at $0.5227, and would need to rise 761% to reach $4.5. $XRP
