XRP Forms "Nike Swoosh" Pattern, Targeting $13 Price Surge
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Despite a recent attempt to breach $0.60 on September 21, XRP faced strong resistance, dropping to $0.59 and currently hovering around $0.58. However, EGRAG’s analysis suggests that XRP remains within the swoosh pattern, which began forming in January 2018.
Understanding the "Nike Swoosh" Pattern
According to EGRAG, the swoosh pattern started when XRP plummeted from its all-time high of $3.31 in January 2018 to $0.1140 in March 2020, marking a 96% crash. This significant drop formed the initial curve of the swoosh. Since then, XRP has experienced higher lows, leading to the upward curve of the swoosh, which has served as a support level for the token.
EGRAG predicts that if XRP continues to respect this pattern, it could reach as high as $13, a 2,135% increase from its current price. Other analysts, including Matthew Dixon and Casi, have also projected a similar $13 target for XRP based on different charting rationales.
XRP’s Current Market Performance
In the short term, XRP remains volatile, trading at $0.58162 after a 1.87% drop in the last 24 hours. It continues to respect the $0.6178 resistance level at the upper Bollinger Band and holds above the middle Bollinger Band, which could act as support if a deeper correction occurs.