XRP Price Surge Potential: 'JUST DO IT' Chart UPDATE'⚪️

Let’s build the chart together! 📊To improve our chances of hitting our targets, we need to use multiple indicators, charts, and patterns.

Analyst Egrag shared his thoughts on XRP’s potential in the market.

In a tweet on Wednesday, he highlighted the importance of considering multiple indicators, charts, and patterns to predict trends in the market. According to Egrag, the more signals that are taken into account, the better the probability estimates and decisions made by trading personnel.

The analyst pointed to a specific formation on XRP’s chart, known as the cup formation, which is a technical formation that is often interpreted as a signal for the price to move up.

In the case of XRP, Egrag observed that the price is moving as expected, with the breakout of the cup pattern underway. He noted that the pattern is developing in an ellipse curve, which is a clear sign for traders.

XRP Price Surge Potential

One question that arises from Egrag's analysis is the price target for XRP in this bullish scenario. Based on Egrag's estimation, a target of $13 seems to be possible.

While this is still an expectation, it anticipates a steep rise, which could be highly significant for the alt coin. Currently, if XRP were to reach $13, it would attract substantial attention from traders and investors looking to buy the coin.

The cup pattern is widely recognized among the technical formations in the market, and it often indicates a continuation trend once a breakout occurs.

Egrag highlighted that the current cup pattern is developing within normal market parameters, and he provided a positive signal for the token, suggesting that it may be preparing for a steep up move.

XRP Market Volatility

Egrag also emphasized the importance of considering more than just the chart pattern as a primary focal indicator. He went on to explain that since the cryptocurrency market is not easily predictable, considering multiple aspects helps to minimize unreliable results.

In this case, with a wider range of signals, traders are better equipped to capitalize on the price movements in the environment.

XRP is currently trading at $2.43, down 2.19% in the last 24 hours. Over the past week, the digital asset has witnessed a decline of 4.60% in its value.

The 24hr trading volume for XRP stands at $3.95 billion, indicating active trading despite the occasional price shifts in the token.

Source: TradingView

One crucial point of interest that everyone is watching is whether XRP will be able to break past the $13 price point. If this were to happen, it would be a major development for XRP, as it would establish it as a strong currency in the cryptocurrency market.