How XRP Price Could Surge To $1.5: Crypto Analyst Explains Key Factor
December 07 2023 - 2:45AM
NEWSBTC
Crypto analyst Egrag has published a new short-term price
prediction for XRP, indicating a possible rise should the price
overcome a critical technical hurdle. Egrag’s analysis looks at the
12-hour chart of the XRP/USD trading pair, where a trend channel
breakout could trigger a short-term buy signal. XRP Price Breakout
Imminent? According to the crypto analyst, the price has recently
been moving within a descending channel (DC). Now, XRP is at an
inflection point that could have a significant impact on its price.
Egrag has identified the structure as “DC B”, a bearish pattern
where the asset has formed lower highs and lower lows. A key focus
of Egrag’s analysis is XRP’s interaction with this pattern. Since
the beginning of the chart pattern, the price has twice touched the
upper trend line, which serves as resistance, and twice touched the
lower trend line, which serves as support. Related Reading: XRP
Price: Crypto Analyst Anticipates 65,000% Rally Signal Today
Currently, the XRP price is about to retest the upper line of the
trend channel for a third time. Should it succeed in breaking out
of the downtrend channel, this would be an extremely bullish sign.
From mid-July to the end of October, the price was already in a
descending channel, which Egrag refers to as “DC A” in the chart.
After XRP broke out of the downward channel A, the price rallied by
over 50%. Something similar could happen now if history repeats
itself. Egrag explained, “XRP seems to be mirroring its previous
price action within a descending channel (DC). Check out the chart
below to see how price is attempting to break out of DC B. The next
challenge for XRP is to surpass descending channel B to reach Fib
0.5.” What’s Next? Should a breakout succeed, the 0.5 Fibonacci
retracement level at $0.7529 would be the next major resistance in
Egrag’s chart. An upward breakout above this level could indicate
the start of a trend reversal that could drive the price towards
the $1.30 to $1.50 range. Related Reading: XRP Price Set To
Skyrocket 1,100% On This Signal: Crypto Analyst “A breakthrough
past the 0.5 Fibonacci level hints at upward momentum, signaling a
shift from a downtrend to a potential uptrend, instilling
confidence. […] Pay close attention: Fib 0.5 at a price target of
0.7529c could be the gateway to a potential move towards 1.3-1.5$,”
Egrag explains, suggesting that such a move would be an important
indicator for traders. In conclusion, Egrag advises investors to
keep a close eye on trading volume and overall market sentiment, as
these factors will play a crucial role in the asset’s ability to
reach and exceed these crucial levels. At press time, XRP traded at
$0.63959. Featured image from Shutterstock, chart from
TradingView.com
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