In recent news, XRP, a popular cryptocurrency, is set to close above its Wake-Up line for the first time since April 2021. This news has generated a lot of buzz among the cryptocurrency community and has the potential to lead to significant price increases for XRP.
#XRP Weekly Wake Up Line:
Closing this weekly candle with full body above "Wake up line" will be the first weekly candle close since April 2021.
In 2D days & 18 Hours we will have an answer of this weekly candle close. https://t.co/UOupsaQgw7 pic.twitter.com/mu8FFNmDpA
— EGRAG CRYPTO (@egragcrypto) March 24, 2023
XRP At The Verge Of Closing A Wake-up line Since April
The Wake-Up line is a technical indicator used to determine the direction of a trend. When the price of an asset crosses above the Wake-Up line, it is seen as a bullish signal, indicating that the asset’s price is likely to continue rising. On the other hand, when the price crosses below the Wake-Up line, it is seen as a bearish signal, indicating that the asset’s price is likely to continue falling.
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XRP has been trading below its Wake-Up line for several months, but recent market developments have caused the cryptocurrency to break above the line, signalling a potential bullish trend for the asset. This news has excited many XRP investors, who are hoping for significant price increases shortly.
In his most recent analysis, Egrag insisted that XRP needs to end the week above $0.40 and the Fibonacci point at $0.382 for the bullish momentum to be sustained.
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#XRP Left Dump = Right Pump:#XRP must close weekly candle above 0.40c & above the Fib 0.382 for #Bullish Continuation.
I can see high probability of having a similar move to up side (Light Blue) imitating the pattern of the down side (Light Pinkish).
It will be the most… pic.twitter.com/SbNCQ0szOP
— EGRAG CRYPTO (@egragcrypto) March 24, 2023
As of press time, XRP has shed 3.2% of its value in the past 24 hours, trading for $0.4345. The asset has struggled to solidify its position above $0.45 since the drop on Tuesday. If it further drops, XRP needs to hold above the support at $0.33 for a chance at a comeback.
As always, it is important to remember that cryptocurrency markets can be highly volatile, and investing in them carries significant risk. It is important to conduct thorough research and consult with a financial advisor before making any investment decisions.
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