XRP Price Gears Up For ‘Significant Upswing Soon’: Crypto Analyst
05 January 2024 - 4:00AM
NEWSBTC
The XRP price fell sharply yesterday as a result of Bitcoin’s flash
crash, as did the entire altcoin market. The price briefly fell by
21% yesterday, plummeting from around $0.64 to $0.505. Although the
price was still able to recover above the 200-day exponential
moving average (EMA) in the 1-day chart at $0.5712 by daily close,
it is still down around 10% compared to yesterday’s high.
Nevertheless, crypto analyst Egrag Crypto remains bullish and was
able to take some good out of yesterday’s crash. In his latest
analysis of the 1-day XRP/USD chart, Egrag highlighted that the XRP
price is in a preparation phase for an upswing. Egrag’s chart
presented on X provides insights into the XRP’s current position
and potential future movements. XRP Price Gearing Up For An Upswing
Soon? Egrag’s analysis starts by revisiting the August scenario
where XRP touched the lower boundary of its ascending channel
amidst a massive liquidation in the crypto space amounting to $1
billion. Fast-forwarding to the present, XRP is once again at this
critical juncture with a similar scale of liquidation occurring
yesterday. Related Reading: XRP Price Projection: Analyst Envisions
Potential 50X Surge To $14, Here’s Why “Now, after five months,
it’s revisiting that zone with another aggressive $1 billion
liquidation,” Egrag notes. Remarkably, the XRP bulls defended once
again the lower trendline of the ascending channel which was
established in May last year. The XRP bulls‘ steadfast buying
represents a strong bullish signal, particularly as they have
maintained the price above the so-called “Val Hell Line” at
approximately $0.55. Egrag identified this line as the most crucial
support line. A fall below this level with the daily candle close
could have signaled the beginning of a downward trend. But despite
the market’s upheaval, Egrag highlights the bullish sentiment by
noting, “Surprisingly, the XRP bulls have staunchly defended this
channel, buying into the dip as if there’s no stopping them.”
Related Reading: Researcher Decodes Link Between XRP Price And
Ripple’s Buybacks Moreover, Egrag emphasized that another retest
was pretty “standard market behavior” within the broader context.
He views this retest as a potential consolidation phase,
potentially building up to an upswing. “The bulls managed to
triumph over the Val Hell Line, avoiding a daily candle close below
it,” Egrag remarked. Price Levels To Watch Egrag’s chart also
features Fibonacci retracement levels, particularly highlighting
the 0.702 level at about $1.1096 and the 0.5 level at approximately
$0.7529. Traders traditionally use these levels to gauge potential
support and resistance zones, and Egrag’s chart indicates that
these levels are important to monitor for the XRP price action. The
0.702 Fib level could remarkably coincide with a breakout from the
trend channel if the price reaches the level between April and May.
In conclusion, the crypto analyst confidently states,
“Personally, I’m increasingly confident that we’re gearing up for a
significant upswing very soon. #XRPArmy, keeping an eye on the
broader channel perspective keeps me calm and steady, cool and
ready.” At press time, XRP traded at $0.5791. Featured image from
Shutterstock, chart from TradingView.com
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