Analyst EGRAG has presented a detailed technical analysis for XRP, indicating its potential to reach double-digit prices.
XRP Growth Projections
EGRAG outlines a multi-faceted approach to XRP analysis, including the use of the Kangaroo method, Gaussian Channel analysis, and Elliott Wave Theory. He suggests that XRP has the potential to rise to the $9-$10 range if key technical levels are maintained.
Key Support and Resistance Levels
The analysis shows that XRP needs to hold above the upper bound of the Gaussian Channel at $1.75. Closing above this level is considered critical for maintaining bullish momentum. The current price action around $2 provides a buffer above this support zone.
Kangaroo Method and Historical Context
The Kangaroo method identifies key price zones, including $0.06 and $3.40, which are backed by historical precedent. For instance, the appearance of the kangaroo icon in 2017 preceded XRP's sharp rise to $3.80. EGRAG also draws parallels between the current situation and a similar buildup phase before the breakout in January 2018.
In conclusion, EGRAG emphasizes that XRP has the potential for significant growth if it can break through key resistance levels and maintain its position above critical supports.
