XRP is exhibiting a large-scale technical formation on its monthly chart that has drawn significant attention. Egrag Crypto, a widely followed XRP analyst on X, has identified a macro W pattern developing across years of price history.
Macro W Formation Shows Breakout And Retest In ProgressEgrag’s chart analysis shows a large W-shaped structure developing across higher timeframes on the XRP chart. The W formation spans years of XRP price action on the monthly timeframe, and the first leg is already completed. The second leg has now entered into a breakout followed by a pullback into the former resistance zone.
A move above $2.00, followed by sustained acceptance, would indicate that XRP has regained strength after the pullback. From there, the next level to watch sits around $3.30, which aligns with the upper boundary of the current range shown on the chart.
Featured image from Shutterstock, chart from TradingView
