XRP Price Plummets Amid Bitcoin Crash
The XRP price experienced a significant drop due to Bitcoin’s flash crash, causing a downturn in the entire altcoin market. Yesterday, the price fell by 21%, briefly reaching $0.505 from around $0.64. Although it managed to recover above the 200-day exponential moving average (EMA) at $0.5712 by the end of the day, it is still down approximately 10% compared to its previous high.
Analyzing XRP’s Potential Upswing
Egrag Crypto, a crypto analyst, remains bullish despite the crash and sees an opportunity for an upswing in XRP’s price. In his analysis of the 1-day XRP/USD chart, Egrag highlights that XRP is currently in a preparation phase for a potential upswing. He refers to previous scenarios where XRP touched the lower boundary of its ascending channel and experienced significant liquidation. Now, with another aggressive $1 billion liquidation, XRP is once again at this critical juncture.
Strong Bullish Signals for XRP
Despite market turmoil, Egrag notes that the XRP bulls have defended the lower trendline of the ascending channel established in May last year. This steadfast buying demonstrates strong bullish sentiment and has kept the price above the crucial support line known as the “Val Hell Line” at approximately $0.55. Egrag views this as a positive sign and believes that an upswing may be on the horizon.
Potential Price Levels to Monitor
Egrag’s analysis also includes Fibonacci retracement levels, particularly highlighting the 0.702 level at around $1.1096 and the 0.5 level at approximately $0.7529. These levels can indicate potential support and resistance zones for traders. If the price reaches the 0.702 Fib level, it could coincide with a breakout from the trend channel observed between April and May. Egrag concludes that he is increasingly confident in an upcoming significant upswing for XRP.
Hot Take: XRP Price Prepares for Potential Upswing
Despite the recent flash crash and overall market downturn, there are indications that XRP may be gearing up for an upswing. Egrag Crypto’s analysis suggests that the XRP bulls have successfully defended crucial support levels, signaling strong bullish sentiment. Additionally, Fibonacci retracement levels point to potential price levels to monitor for support and resistance. With these factors in mind, there is growing confidence in a significant upswing for XRP in the near future.
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