XRP Price Breakout To $5: Analyst Reveals Key Levels Of Importance
January 20 2024 - 8:00AM
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Crypto analyst Egrag Crypto has revealed key price levels to watch
out for in one of his latest analyses of XRP. The analyst hinted
that these prices could be crucial especially following his
prediction that the crypto token will rise to $5 in 90 days.
Related Reading: Robinhood Goes Shiba Crazy, Buys 230 Billion SHIB
In 24 Hours – Here’s The Scoop Targets That Confirm An XRP Bull
Run In a post on his X (formerly Twitter) platform, Egrag
highlighted $0.60, $0.75, $0.95, and $1.3 as price levels to keep
an eye out for as they will validate a bullish trend. He says, “A
weekly close above any of these levels signifies robust support and
a continued upward trajectory.” #XRP Blue Channel vs. Red
Channel Unveiled: To decipher the intricate details within the
chart below, let’s break it down into three crucial sections: 1)
Blue Channel in comparison to Red Channel: Should the Blue Channel
align with the Red Channel, a potential flash crash to…
pic.twitter.com/2w5hmoH872 — EGRAG CRYPTO (@egragcrypto) January
19, 2024 Further elaborating on their importance, he noted that
these targets “offer crucial insights into significant price
behavior.” Considering that XRP has continued to trade below those
levels, the token hitting any of those targets will easily suggest
that the sentiment towards the altcoin has changed. XRPUSD
currently trading at $0.54896 on the daily chart: TradingView.com
Meanwhile, the crypto analyst also raised the possibility of XRP
experiencing a 50% drop in pursuit of a move similar to the one in
2017, when XRP surged by 61,000%. Interestingly, Egarag believes
that XRP replicating such a similar move will see the crypto token
rise to as high as $27 in the next bull run. How XRP Could
Crash To $0.28 Also offering a bearish narrative for XRP, Egrag
stated that XRP could witness a flash crash to $0.28 should the
blue channel (visible in the chart he shared) align with the red
channel. If that were to happen, a subsequent rise to $0.41 from
$0.28 could unfold, the analyst claims. Egrag believes that these
channels add more intrigue to XRP’s price action, considering that
the crypto token has been navigating the blue channel for nearly
600 days since its breakout in May 2022. On the other hand, XRP is
also said to have spent 580 days in the red channel before making a
significant surge. Related Reading: Will X Unleash The
Doge? Platform Users Eager To Embrace The Meme Coin As part of this
bearish projection, the crypto analyst raised the prospect of a
further BTC decline, dragging XRP alongside. Egrag claims that this
could serve as the “ultimate shakeout, especially if market makers
shake out the remaining weak hands.” These market makers are the
same persons that Egrag says “may engineer an independent surge,”
which would propel XRP’s price to $5. If that doesn’t happen and
the market ends up experiencing the worst-case scenario, the
analyst urged everyone to seize the opportunity to obtain XRP at a
“more favorable price.” At the time of writing, XRP is trading at
$0.54, down in the last 24 hours, according to data from
CoinMarketCap. Featured image from Shutterstock
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