XRP $8 to $27: Quarterly Hammer Candle Pattern Could Push Prices, Market Expert – The Crypto Basic

Market expert EGRAG expects XRP to surge to $8 or $27 due to the formation of a quarterly hammer candlestick pattern..

Analysts remain optimistic about XRP despite the ongoing bear market. Notably, the market turmoil that caused XRP to crash below psychologically important levels has led to the bears surrendering the $0.49 price zone. $0.50 level Earlier this week.

However, these discouraging price fluctuations have not affected EGRAG’s optimism, as the market analyst is keeping an eye on technical clues to assess XRP’s potential. This time, he focused on XRP’s three-month chart and noted the significance of the hammer candlestick pattern.

#XRP Quarter Hammer – #strong Candle formation:

📈 #XRP The 3-month time frame shows two hammer candles before the major pump.

1) April to June 2016
2) July to September 2017
🔥 Now, #XRP The next three-month candle must close above $0.55-0.58 within the next 10 days. pic.twitter.com/7tQhN8BBnY

— EGRAG CRYPTO (@egragcrypto) June 20, 2024

The Hammer Candlestick pattern is a bullish reversal pattern that occurs after a downtrend. It has a small body near the upper limit of the trading range, long lower wicks, and small or no upper wicks. This pattern suggests that buyers have stepped in to push the price higher despite selling pressure, signaling a possible uptrend in prices.

XRP Hammer Candlestick Formation

According to EGRAG, XRP has only formed this hammer candlestick pattern twice in a three-month period since its inception, the first occurrence being from April to June 2016 and the second occurrence being from July to September 2017.

Interestingly, after each hammer candlestick formation, Ripple There have been significant price increases: after the 2016 candlestick, XRP increased 5,550% from June 2016 to April 2017 to $0.39887. Similarly, after the 2017 hammer candlestick, XRP increased 1,745% in January 2018 to an all-time high of $3.31.

According to EGRAG, XRP is on the verge of forming another hammer candlestick pattern within the next three months. For this to happen, XRP needs to secure a close above the $0.55 to $0.58 range on the current three-month candlestick, which will close by the end of this month.

XRP Could Rise to $8 or $27

Market analysts urged investors to closely monitor XRP price trends as the end of the month draws near, as this month’s closing price could determine its direction for the rest of the year.

If XRP forms a hammer candle, it could follow the trajectory seen after the first hammer candle or the second hammer candle. If XRP follows the path triggered by the first candle, EGRAG’s chart shows its price could rise 1,744% to $8.

However, if XRP continues to move along the trajectory triggered by the second hammer, its price movement will record 5,500% and reach $27. EGRAG emphasized that on this path, it will take XRP a long time to reach its final goal. Predict It will rise to $1.3 before undergoing a retracement and finally rising.

Eglág It had previously predicted a target of $27. In our analysis three months ago, the technical setup that influenced this prediction was a bullish SMA cross. Meanwhile, XRP continues to trade below $1, down 0.51% in the past 24 hours and is currently trading at $0.4887.