XRP Triggers Classic Breakout Pattern: Will Bulls Fall into the Trap?

Egrag Crypto has identified a potential 'classic XRP trap' that could trigger a significant breakout for the cryptocurrency.

The analyst suggests that a wick into the $0.93 to $1 range could be a final shakeout before a sustained move higher, with liquidity below the current price and lower channel support running through this area.

Egrag Crypto's preferred scenario is a wick into this zone followed by a reclaim of $1 and then a reversal upward, which he describes as 'the classic trap' where late bulls get shaken out, late bears enter the position, and then the price moves higher.

The analyst believes that this is a bottoming phase rather than a breakdown, and that those who understand the structure will recognize it as an opportunity.