• Ripple’s XRP followed the larger crypto market in the red this morning after a positive Friday session.
• According to expert Egrag Crypto, XRP might soar to a high of $1.4 if it successfully reverses the current downturn in which the asset has been trapped since May 2021.
• A crucial resistance level for the asset’s price movement would be the Fibonacci point at $0.786.
XRP Price Set to Soar: Analyst Reveals When and How XRP Will Break the $1 Barrier
Overview of XRP
Ripple’s XRP has been struggling with a 21-month slump since May 2021 and developed a falling wedge pattern as buyers take control of its price movements and reduce selling pressure. According to expert analyst Egrag Crypto, if XRP manages to reverse its downtrend, it could reach as high as $1.4, while failure would see it drop further down to $0.22. The last time that XRP reached such heights was back in May 2021.
Falling Wedges
A falling wedge pattern is generally seen as a bullish reversal pattern and is identified by smaller swings and dips that form downwards on an asset’s price chart, resembling a wedge-like shape. This suggests that buying pressure is beginning to outweigh selling pressure, which may indicate an upcoming increase in prices.
The Key Factor: Fibonacci Point at 0.786
According to Egrag Crypto, should XRP manage to reverse its trend and reach its potential peak of $1.4, it will need to first overcome a crucial resistance level at Fibonacci 0.786 before doing so – currently trading slightly above this resistance point at around $0.4150 due to increased buying pressure from bulls lately following yesterday’s low of $0.4013 .
Previous Highs Reached by XPR
The last time that Ripple (XPR) saw such highs was back in May 2021 when it reached over $1 – something that analysts are hoping will repeat itself once again should these current predictions come true and support from bulls continue pushing up prices past key resistance levels like Fibonacci 0.786 .
Conclusion
Overall, experts are predicting that if Ripple (XPR) successfully reverses its current downtrend then we could see prices soaring past their previous highs all the way up towards potential heights of $1.4 – although this outcome hinges heavily on whether or not they can break through key resistances like Fibonacci 0