XRP Nike Swoosh Pattern Suggests Price Rise to $6.4 or $13

XRP price movements over the past seven years have generated a Nike swoosh setup, which a notable analyst recently exploited to identify bullish targets.

Market analyst EGRAG identified this bullish setup for XRP representing a “Nike swoosh” pattern dating back to January 2018 when XRP dived from its all-time high of $3.31.

The analyst believes that this formation could pave the way for a bigger rally. However, to start this momentum, XRP must first capture the critical $1 level that XRP recently held.

XRP’s Nike Swoosh pattern

The swoosh pattern suggests a bottom phase ahead of a potential upward arc in XRP’s value. Data from the chart suggests that if XRP follows the upward arc of the swoosh pattern, it could push towards greater highs.

XRP remained below the $1 mark for almost three years, but XRP broke the long-standing resistance. EGRAG analysis suggests that a solid break above $1.10 would act as a launching pad for higher targets. EGRAG sees $1.10 as the flash point. The expert sees $1.10 as a base level for further upward movement. This support could turn $1 into a long-term bottom.

In EGRAG’s view, achieving these targets will depend on market momentum, with $6.4 acting as primary resistance on the non-log scale. On a logarithmic scale, the chart points towards a higher $13 target. These levels represent long-term goals.

As XRP has successfully reached and established support above $1.10, it can now set its sights on EGRAG’s expected targets of $6.4 and $13. But reaching these levels is likely to require support from the wider market and strong buying momentum.