The XRP price has experienced a strong upswing along with the entire crypto market in the past few hours. XRP has temporarily risen by more than 5%, approaching a crucial resistance zone that if broken could trigger a strong and impulsive “god candle”.
Renowned crypto analyst Egrag unveiled his latest technical analysis on XRP’s price trajectory, sparking excitement within the crypto community. Using the 3-day XRP/USDT price chart, Egrag brings attention to several pivotal moments and trends.”XRP Gods Candle, it is coming, tweeted Egrag.
The “Berlin Wall” Of Resistance For XRP Price
In his analysis, Egrag likened the XRP’s resistance level to the infamous ‘Berlin Wall’, describing the resistance as both formidable and tantalizingly close to a breakdown. “Fast forward to today, and XRP is still chipping away at what can only be described as its own ‘Berlin Wall’ of resistance. With each small pinch, this formidable barrier inches closer to its inevitable collapse,” stated Egrag.
The “Berlin Wall” at $0.5574 served as a strong support from May 2021 to May 2022. Egrag’s chart shows two critical moments when the price level served as important support. However, in early May 2022, the XRP price fell below this support level. After that, XRP was rejected at the Berlin Wall in two key moments.
After the summary judgment in the lawsuit between Ripple and the US Securities and Exchange Commission, the wall was overcome only for a short time, despite the first God candle. Within 4 weeks, the price fell back below the price level. Now, however, the wall seems to be crumbling and resistance is getting lower, Egrag believes.
The analyst highlights the potential upside of this impending breakout: “The potential breakthrough looming on the horizon promises to be nothing short of spectacular. My expectations are set on XRP’s forthcoming move, which I anticipate falling within the impressive range of $1.10 to $1.40.”
Egrag also emphasized the emergence of a distinct ‘W’ pattern in XRP’s price action over the past 2+ months. This pattern is historically significant, often linked to trend reversals and strong price momentum.
“Now, let’s take a closer look at the current technical analysis. It’s apparent that XRP is in the process of forming a distinct ‘W’ pattern,” Egrag noted, suggesting a bullish outlook, “This pattern suggests a measured move to approximately $0.65.”
The Rebounce
Furthermore, the $0.65 mark isn’t just a random figure in Egrag’s analysis. A successful move past this resistance can set the stage for a bullish trend, and a short-term retest of the $0.55 to $0.58 cents range. Egrag highlights the importance of this level, stating, “Our next significant milestone is around 65 cents, and a successful breach at this level would indicate a bullish trend.”
The climax of Egrag’s prediction centers around the potential for a “Rebounce” — a term he employs to describe a swift and robust bounce in the price of XRP. Should this Rebounce materialize, Egrag is optimistic about the coin reaching the $1.10 to $1.40 range.
Concluding his update with a message to the ardent followers of XRP, Egrag affirmed, “XRP Army STAY STEADY, Our moment in the spotlight is drawing near, and your unwavering commitment will soon be rewarded.”
At press time, XRP was trading at $0.5422 and was rejected on the first attempt at the 0.236 Fibonacci retracement level ($0.5539).
Featured image from EXMO Info Hub, chart from TradingView.com
Credit: Source link
