Major Swings on the Horizon for XRP
In recent hours, XRP’s price has shown a notable upward surge, reflecting the broader positive trend in the crypto market. XRP has witnessed a temporary increase of over 5%, edging closer to a critical resistance level that, if breached, could trigger a powerful and rapid price movement often referred to as a “god candle.”
Egrag, a well-known crypto analyst, has captured the attention of the crypto community with his latest technical analysis of XRP’s price trajectory. Using the 3-day XRP/USDT price chart, Egrag has identified significant trends that hint at an upcoming bullish move. In a tweet, Egrag proclaimed, “XRP Gods Candle, it is coming.”
The Formidable Resistance Barrier in XRP Price
Egrag likens XRP’s resistance level to the historical significance of the “Berlin Wall,” describing it as a formidable barrier tantalizingly close to breaking down. He notes, “With each small pinch, this formidable barrier inches closer to its inevitable collapse.”
The $0.5574 price level, akin to the Berlin Wall, acted as robust support from May 2021 to May 2022. Egrag’s chart highlights the moments when this level served as crucial support. Nevertheless, in early May 2022, XRP dipped below this level, facing rejection at the Berlin Wall in two significant instances.
After a brief breakthrough following the summary judgment in the Ripple vs. SEC lawsuit, XRP retraced its steps within four weeks, falling below the key level. Now, Egrag believes that this resistance is weakening, potentially paving the way for an exciting breakout. He anticipates that XRP could surge to a range between $1.10 and $1.40.
Egrag also points out the formation of a distinct ‘W’ pattern in XRP’s recent price action. Historically, this pattern has often signaled trend reversals and strong price momentum. Egrag’s analysis suggests a measured move to around $0.65.
What makes the $0.65 mark significant is its potential to set the stage for a bullish trend, leading to a retest of the $0.55 to $0.58 cents range. Egrag underlines the importance of breaching this level, stating, “Our next significant milestone is around 65 cents, and a successful breach at this level would indicate a bullish trend.”
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Egrag’s forecast reaches its climax with the idea of a “Rebounce,” signifying a swift and substantial bounce in XRP’s price. If this scenario unfolds, Egrag is optimistic about XRP reaching the $1.10 to $1.40 range.
Conclusion
In conclusion, Egrag encourages the steadfast supporters of XRP, affirming, “XRP Army STAY STEADY, Our moment in the spotlight is drawing near, and your unwavering commitment will soon be rewarded.”
At the time of this report, XRP was trading at $0.5422 and faced initial resistance at the 0.236 Fibonacci retracement level ($0.5539).
