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

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 “XRP Giant Cup” analysis 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. 

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.

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.

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XRP Could Rise from $1.2 to $27

His latest analyst presents some price targets for XRP once it breaches $1.2 to make its way to Valhalla. After crossing $1.2, XRP could make its way to $1.6 and then soar to reclaim its current all-time high of $3.3. Breaking above the ATH would then lead to $7.5, a new ATH.

However, EGRAG’s projections suggest the possibility of a more substantial rally. His targets include a potential upsurge to $13 and an ultimate rally to $27. The analyst has always championed the narrative that XRP has the potential to clinch $27.

XRP now trades for $0.5329, as it leverages the latest Bitcoin (BTC) resurgence to recover 4% of its lost value over the past 24 hours. At this stage, EGRAG says XRP’s recent price movements adhere to the structure of the cup, as the asset shoots up with higher lows.

Amid the current uncertainty in the market, the analyst emphasized that XRP needs to hold the $0.55 level, which serves as a pivotal support line for the asset. He expressed confidence that XRP would not register a weekly close below $0.50.

However, EGRAG called attention to a lower trendline he calls the Atlas Line. This trendline serves as a potent support for XRP, currently sitting at $0.43. He noted the possibility of a drop to this level, but maintained a focus on the bigger picture which would see XRP claim a $27 price.