2023-10-20 23:00 |
Crypto analyst Egrag Crypto has been continuously bullish on the future of the XRP price and the latest prediction proves this. This time around, the crypto analyst is using a rare Bent Fork Pattern to back up his prediction that the XRP price is headed for double-digits.
The Rare Bent Fork PatternEgrag first mentioned the Bent Fork Pattern in a June post while showing a bullish roadmap for the XRP price. In the earlier post, the analyst points out ‘four distinct tracks’. These include the “Track A) Major Historical Support, Track B) Ranging Zone, Track C) Mid-Cycle Top, and Track D) Cycle Top.”
As Egrag explained, the Track D is the cycle top which could see the altcoin’s price reach as high as $15, although not without incidence. Despite expecting a surge, Egrag says that XRP could fall lower before this happens. However, the analyst asks investors not to fret when this happens. Rather, they should see it as an opportunity to buy the cryptocurrency for lower prices.
Now, four months after the initial post was made, Egrag has revisited this Bent Fork Pattern, doubling down on the previous prediction. In a post made on Wednesday, October 18, Egrag updated the previous prediction, showing what needs to happen for the XRP price to reach the lofty price of $15. This would mean at least a 3,000% price increase for XRP if the pattern plays out exactly as expected.
In the chart below, the analyst explains that the XRP price needs to breach the white line for the rally to begin. “the real excitement is if #XRP shatters the ‘White’ Ascending Triangle – get ready for some market-shaking action,” the analyst said.
Looking at a time frame, the crypto analyst asks investors to keep an eye out for the 3rd and 4th week of November as this is when something interesting might happen. “Feeling uncertain about your next move? This might just be your last chance to seize a buying opportunity,” Egrag said in closing.
Not The Only Bullish Chart For XRP PriceInterestingly, Egrag’s XRP price prediction using the Bent Fork Pattern also matches their other predictions for the altcoin. Earlier in the week, Egrag had also put forward another forecast but used the Elliot Wave Theory to present the bull case.
As Egrag notes, the fifth wave is where the main movement really lies where the analyst expects the price surge to happen. Just like with the Bent Fork Pattern, it also suggests a double-digit price level at the top. However, the wave theory takes it a step further with a $27 price mark compared to the Bent Fork’s $15 mark.
Another similarity between both predictions is that the June Bent Fork chart shows the XRP price at $15 somewhere between 2025 and 2026. This is the same timeframe presented using the Elliot Wave analysis, so most of this will likely play out in the bull market.
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