The XRP price has been treading water in recent days. After XRP rose by more than 52% in just 18 days from mid-October to early November, the price is currently in a clear consolidation phase in the shorter time frames. However, a look at the 1-month chart of the XRP/USD trading pair shows that the XRP price has exhibited strong bullish months.

In this sense, Crypto analyst Egrag has drawn attention to an extremely rare phenomenon in the XRP monthly price chart. The pattern in question is a series of three consecutive monthly green candles, which have only been documented twice in the history of the cryptocurrency.

이런 의미에서 암호화폐 분석가 Egrag는 XRP 월간 가격 차트에서 극히 드문 현상에 주목했습니다. 문제의 패턴은 일련의 3월 연속 녹색 캔들이며, 이는 암호화폐 역사상 단 두 번만 기록되었습니다.

As the market approaches the monthly close today, a confirmation by a close above $0.5987 could mean the third monthly green candle for XRP. “Get ready—within the next [few] hours, we’re poised to seal another trio of consecutive green candles,” Egrag noted.

Here’s What This Could Mean For XRP Price

XRP 가격에 대한 의미는 다음과 같습니다.

Delving into the specifics, Egrag elucidates two distinct historical precedents post such formations. In the first scenario, a 5-month consolidation phase was observed after XRP recorded three consecutive green candles from March to May 2017.

세부 사항을 조사하면서 Egrag는 그러한 형성 이후 두 가지 뚜렷한 역사적 선례를 설명합니다. 첫 번째 시나리오에서는 XRP가 2017년 3월부터 5월까지 3회 연속 녹색 양초를 기록한 후 5개월 간의 통합 단계가 관찰되었습니다.

However, the consolidation phase had an extremely bullish effect. After it ended, the XRP price experienced a staggering 1,500% surge within just two months. Egrag suggests that if XRP’s price action were to emulate this historical pattern, investors can anticipate a potential surge to $10, starting from the 1st of April 2024.

The second instance Egrag refers to the period from December 2015 to February 2016. During this time, the price rose by approximately 102% in three consecutive green months. What followed was a lengthier 12-month consolidation phase. But the wait was worth it again.

In March 2018, the XRP price started an extraordinary 8,000% rally. A replication of this scenario would imply a potential skyrocketing of XRP’s price to $50, beginning on the 1st of November 2024.

Notably, Egrag offers an average price target standing at $30. He stated, “XRP army stay steady, the average of these two targets lands at $30, you know that I always whisper to you my secret target of $27. Hallelujah, the anticipation is palpable!”

특히 Egrag는 평균 목표 가격을 30달러로 제시합니다. 그는 “XRP 군대는 꾸준하게 유지됩니다. 이 두 목표의 평균은 30달러입니다. 제가 항상 여러분에게 비밀 목표인 27달러를 속삭인다는 것을 아시죠. 할렐루야, 기대감이 커집니다!”

Price Analysis: 1-Day Chart

At press time, XRP was trading at $0.60333. A week ago, the price managed to break out of a downtrend channel. However, the bullish momentum quickly fizzled out after the price was rejected at the 0.382 Fibonacci retracement level at $0.627.

Related Reading: Bitcoin Decouples with XRP, BNB But Correlates With Dogecoin and Cardano

관련 읽기: 비트코인은 XRP, BNB와 분리되지만 Dogecoin 및 Cardano와 상관관계가 있습니다.

For four days now, the XRP price has been squeezed into a tight range between the 20-day and 50-day EMA (Exponential Moving Average), with a breakout to the downside or upside getting closer and closer. In the event of an upside breakout, the price level at $0.627 would be decisive. Then, the price could tackle the 0.5 Fibonacci retracement level at $0.688.

However, if a breakout to the downside happens, a 100-day EMA at $0.575 would be the first support. This must hold to prevent the price from falling towards the 0.236 Fibonacci retracement level at $0.552, which is also close to the 200-day EMA. The convergence of both indicators signifies a price level that the bulls must defend at all costs.

그러나 하락세를 돌파하는 경우 $0.575의 100일 EMA가 첫 번째 지지선이 될 것입니다. 이는 가격이 200일 EMA에 가까운 $0.552의 0.236 피보나치 되돌림 수준으로 떨어지는 것을 방지하기 위해 유지되어야 합니다. 두 지표의 수렴은 황소가 어떤 희생을 치르더라도 방어해야 하는 가격 수준을 의미합니다.