XRP Selling Slows: Macro Pattern Suggests $27 Target Possible
- XRP drops 2%, but selling pressure appears to be easing now.
- Analyst predicts XRP may rise to $27 within macro channel.
- Bullish chart pattern suggests possible breakout towards $6.5 soon.
XRP is currently down by over 2%, trading around $2.20. The price seems to be stuck in a tight range, but not everything looks negative for the cryptocurrency. While XRP has seen eight consecutive days of net outflows, recent market data shows that selling pressure is starting to ease — a possible signal that the token is approaching a bottom.
Bullish Patterns and Big Price Targets
Despite the current dip, several analysts remain positive about XRP’s future price action. Crypto analyst EGRAG Crypto has opened up about the ongoing formation of a pattern he refers to as the MACRO Channel, which spans between $17 and $55.
According to his latest chart, XRP is currently forming “Candle 5” in this long-term structure. If historical behavior repeats, he believes the market could soon see a monthly candle, with $17 as a mid-term target. EGRAG has personally set a target at $27, with plans to gradually take profits as the price rises.
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The post XRP Selling Slows: Macro Pattern Suggests $27 Target Possible appeared first on Coin Edition.
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XRP Selling Slows: Macro Pattern Suggests $27 Target Possible
- XRP drops 2%, but selling pressure appears to be easing now.
- Analyst predicts XRP may rise to $27 within macro channel.
- Bullish chart pattern suggests possible breakout towards $6.5 soon.
XRP is currently down by over 2%, trading around $2.20. The price seems to be stuck in a tight range, but not everything looks negative for the cryptocurrency. While XRP has seen eight consecutive days of net outflows, recent market data shows that selling pressure is starting to ease — a possible signal that the token is approaching a bottom.
Bullish Patterns and Big Price Targets
Despite the current dip, several analysts remain positive about XRP’s future price action. Crypto analyst EGRAG Crypto has opened up about the ongoing formation of a pattern he refers to as the MACRO Channel, which spans between $17 and $55.
According to his latest chart, XRP is currently forming “Candle 5” in this long-term structure. If historical behavior repeats, he believes the market could soon see a monthly candle, with $17 as a mid-term target. EGRAG has personally set a target at $27, with plans to gradually take profits as the price rises.
Related: Rip…
The post XRP Selling Slows: Macro Pattern Suggests $27 Target Possible appeared first on Coin Edition.
Read More
ADA Dips, Still Leads in Dev Activity and Eyes ETF Approval