XRP Price Analysis: Bullish Signals on Multiple Timeframes
Renowned crypto analyst Egrag has provided an in-depth analysis of the XRP price across various timeframes. Despite a recent decrease of about 12%, Egrag remains bullish on higher time frames. Let’s dive into the details.
Monthly Chart XRP/USD
On the monthly XRP/USD chart, Egrag points out a bullish pennant pattern. He believes that the ongoing consolidation phase could lead to further upward movement if there is a surge in volume after a breakout. By measuring the flagpole’s height, Egrag suggests that XRP could potentially surge above $24 if it breaks out of the pattern.
Weekly Chart
Egrag notes that XRP is currently undergoing a retest phase following a recent breakout. The bearish sentiment in the broader crypto market and macro-economic pressures have halted XRP’s momentum. However, maintaining above the price range between $0.48 to $0.43 is critical to avoid retesting the foundational zone between $0.25939 and $0.32630.
If XRP successfully retests and stays above the trendline, Egrag envisions a potential retest of the key resistance at $0.58304, paving the way for a rally towards $2.
1-Day Chart
Egrag emphasizes that in the daily XRP/USD chart, it is important not to lose sight of the bigger picture. He focuses on the “wicking” range between $0.3875 and $0.4719 as a possible dip range if market pressure persists. Only a drop below $0.3875 would negate the bullish pattern.
To validate a bullish narrative, XRP needs to push beyond $0.5119 and aim for the $0.5738 mark, which corresponds to the 50% Fibonacci retracement level. Breaching this level is crucial for a broader rally targeting the 1,618 Fibonacci extension at $1.4694.
Hot Take: XRP Shows Bullish Signals on Multiple Timeframes
Despite the recent decrease in XRP’s price, crypto analyst Egrag remains optimistic about its future performance. On the monthly chart, a bullish pennant pattern suggests the potential for a significant price increase. The weekly chart indicates that maintaining above key support levels is crucial for further upside. In the daily chart, XRP needs to surpass resistance levels to confirm a bullish narrative. Overall, Egrag’s analysis highlights bullish signals on multiple timeframes for XRP.
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