XRP Price Approaches Crucial Resistance Level
The price of XRP has surged alongside the broader crypto market in recent hours, experiencing a temporary increase of over 5%. This puts XRP within reach of a crucial resistance zone that, if broken, could trigger a significant and rapid price increase known as a “god candle.” Crypto analyst Egrag has shared his latest technical analysis on XRP’s price trajectory, generating excitement within the crypto community. Using the 3-day XRP/USDT chart, Egrag identifies key moments and trends that suggest an imminent breakout for XRP.
The “Berlin Wall” of Resistance
In his analysis, Egrag compares the resistance level for XRP to the famous “Berlin Wall,” describing it as both formidable and tantalizingly close to breaking down. He notes that XRP has been gradually chipping away at this resistance, bringing it closer to its inevitable collapse. The $0.5574 level has served as a strong support for XRP from May 2021 to May 2022, but the price fell below this level in early May. Despite briefly surpassing the wall after Ripple’s lawsuit judgment, the price quickly dropped below it again. However, Egrag believes that the wall is now crumbling and resistance is decreasing.
Potential Upside and “W” Pattern
Egrag predicts that if the breakout occurs, XRP could see a significant upward movement ranging from $1.10 to $1.40. He also highlights the emergence of a distinct “W” pattern in XRP’s price action over the past couple of months. This pattern is historically associated with trend reversals and strong price momentum, suggesting a bullish outlook for XRP.
The Rebound
According to Egrag, surpassing the $0.65 resistance level could set the stage for a bullish trend and a short-term retest of the $0.55 to $0.58 range. He emphasizes the importance of breaching this level, as it indicates a positive trend. Egrag coins the term “Rebounce” to describe a swift and robust bounce in XRP’s price. If this Rebounce occurs, he is optimistic about XRP reaching the $1.10 to $1.40 range.
Conclusion: XRP Army Stay Steady
Egrag concludes his analysis with a message to XRP enthusiasts, urging them to stay committed as their moment in the spotlight approaches and their unwavering dedication will soon be rewarded. As of now, XRP is trading at $0.5422 and was rejected on its first attempt at the 0.236 Fibonacci retracement level ($0.5539).
Hot Take: XRP Bulls Eyeing Breakout Amidst Strong Resistance
The recent surge in XRP’s price has sparked excitement among crypto enthusiasts, particularly due to its proximity to a crucial resistance zone. Analyst Egrag’s technical analysis suggests that XRP is gradually chipping away at this resistance, with the potential for a significant breakout. The emergence of a distinct “W” pattern and the possibility of a Rebounce further add to the bullish outlook for XRP. While there are still hurdles to overcome, including the $0.65 resistance level, Egrag remains optimistic about XRP’s future prospects and urges supporters to remain steadfast in their commitment.
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