Renowned market analyst EGRAG CRYPTO has identified a crucial support level for XRP at $0.55, aptly named “Val Hell Gates which now stands as a pivotal battleground for the cryptocurrency. EGRAG CRYPTO’s analysis underscores the significance of defending this level to sustain XRP’s upward momentum, with a potential target of $1.98 on the horizon.
The analyst’s insights are rooted in a comprehensive examination of XRP’s recent price movements, particularly focusing on the ongoing tug-of-war between bullish and bearish forces in the market.
EGRAG CRYPTO’s recent analysis builds upon his earlier predictions, where he initially concentrated on the short-term outlook of XRP. Following a surge prompted by a favourable court ruling in July, XRP experienced a correction, dropping to $0.5346 in August. This critical juncture led the analyst to suggest $0.53 as a potential bottom for the token, contingent on re-entry into a descending channel and a close above the $0.60-$0.67 range.
#XRP Short Term Analysis (Daily TF):
🔍 Examining the short-term outlook for #XRP reveals crucial insights. To solidify confidence in the recent decline being the bottom, it's paramount that #XRP re-enters the Channel and achieves a closing price above the pivotal marks of 0.60c… pic.twitter.com/vmnY5SQ922
— EGRAG CRYPTO (@egragcrypto) August 30, 2023
After a period of consolidation between $0.45 and $0.55, XRP saw a breakthrough on Nov. 6, surpassing $0.71. However, a subsequent correction is currently unfolding, prompting EGRAG CRYPTO to shed light on XRP’s decline. The token has re-entered the descending channel, surpassing a crucial Fib. 0.382 level at $0.6003, and is currently trading at $0.6382.
EGRAG CRYPTO expressed concern about the looming threat of bears attempting to breach the “Val Hell” gates, emphasizing the risk of a bearish push below $0.60, potentially leading XRP towards the critical $0.55 level. The analyst highlighted the necessity for XRP to secure a daily close above $0.55 to mitigate the risk of further declines, stating, “Protecting against the bears’ intrusion into ‘Val Hell’ is pivotal.”
Despite short-term challenges, EGRAG CRYPTO’s chart reveals a fascinating journey within a multi-year ascending channel, hinting at a potential bullish future for XRP with a target of $1.9869.
While the focus remains on XRP’s price movements, the cryptocurrency has garnered attention for reasons beyond its valuation. A recent pump and dump scheme linked to a BlackRock Spot XRP ETF filing has raised questions within the crypto community, adding a layer of intrigue to XRP’s recent developments.