Crypto analyst EGRAG CRYPTO has long been one of the most vocal bulls of XRP, calling for higher prices even when the cryptocurrency was being weighed down by Ripple’s battle with the Securities and Exchange Commission (SEC). However, as the altcoin has struggled due to the current bearish market, the analyst has called out multiple important levels to watch. While he continues to call for new all-time highs, EGRAG warns that XRP must hold this last line of defense or risk falling into a bear market.
XRP Price Must Not Fall Below $2.33
As the analysis points out, the XRP price is still holding at reasonable levels that could suggest a restart of the bullish momentum. But the further the price falls, the more at risk XRP is of completely falling into the hands of bears and risking a complete crash.
As the price fluctuates, the $2.90 now serves as the midpoint of the Linear Log Channel. This makes it an important level, and EGRAG suggests that the price being able to hold above this level would suggest a strong bullish setup for XRP.
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In the case of a failure, then the next major support and defense for XRP falls to the $2.65 level. The importance of this level cannot be overestimated, as the price must hold it even if it wicks below it. Closing below here would mean that the altcoin is ‘in trouble’, as EGRAG explains.
Further down is what could arguably be the last line of defense for bulls to stage a reversal, and this last line of defense is at $2.33. This is the 2-Week EMA and is the major level to hold if the price is to reach new all-time highs. Otherwise, control falls completely into the hands of the bears, signaling a bear trend.
Other major levels that signal bear control are the $1.90, which EGRAG paints as the “bear market line of defense.” A close below this puts XRP firmly in bear territory. Then $1.62 is the point of confirmation of the bearish trend as the price completely loses support.
Why There Is Still Hope
Despite the sentiment skewing toward the negative, the crypto analyst remains optimistic when it comes to the long-term performance of the XRP price. He points out that the White Arch outlined in the chart coincides with the Blue Upper Boundary of the Linear Log Channel.
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At the top of this channel, the price is sitting well above $20. The major move required here is that the XRP price manages to close above $3.65, which would push the altcoin into price discovery. If this happens, then the analyst says, “That’s the end of the story,” expecting the price to rocket.
Featured image from Dall.E, chart from TradingView.com
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