Just caught an interesting macro setup on XRP that's worth paying attention to. EGRAG Crypto shared some compelling analysis recently about a large W formation developing over years on the chart, and honestly, the structure here is getting pretty fascinating.

So here's the thing - XRP already knocked out the first leg of this pattern. The second leg just went through a breakout, and we're now seeing a pullback that's testing back into that breakout zone. That zone sits around $1.6 to $1.8, which is classic textbook behavior after you break through resistance. Right now we're actually closer to $1.31 based on current prices, so we're still in that retest territory that EGRAG Crypto was highlighting.

What's keeping this structure valid is that buyers keep showing up at these key levels. There's even a bullish hammer forming near the retest zone, which suggests people are actually defending this area. If we can hold and move past $2, that's when things get interesting - EGRAG sees that as a confirmation point. From there, $3.3 becomes the next major target if the pattern continues to play out.

Now, EGRAG Crypto did attach some probability numbers to this, which is where it gets real. The full measured move toward $22 has about 25-35% probability. But here's the more likely scenario - a partial expansion into the $3 to $8 range sits around 50-60% probability. There's also a 10-15% chance of a deeper reset. So expansion is basically the base case right now if structure holds.

The key thing to watch is whether we can hold this $1.6-$1.8 support zone and eventually reclaim $2. If that happens, the macro structure stays intact and you're looking at multiple expansion phases ahead. EGRAG Crypto's analysis suggests this W formation is the type of pattern that often shows up before major continuation moves on longer timeframes, so patience might actually pay off here.