God Candle Coming For XRP Price? Crypto Analyst Reveals His Target
24 October 2023 - 6:30PM
NEWSBTC
The XRP price has experienced a strong upswing along with the
entire crypto market in the past few hours. XRP has temporarily
risen by more than 5%, approaching a crucial resistance zone that
if broken could trigger a strong and impulsive “god candle”.
Renowned crypto analyst Egrag unveiled his latest technical
analysis on XRP’s price trajectory, sparking excitement within the
crypto community. Using the 3-day XRP/USDT price chart, Egrag
brings attention to several pivotal moments and trends.”XRP Gods
Candle, it is coming, tweeted Egrag. The “Berlin Wall” Of
Resistance For XRP Price In his analysis, Egrag likened the XRP’s
resistance level to the infamous ‘Berlin Wall’, describing the
resistance as both formidable and tantalizingly close to a
breakdown. “Fast forward to today, and XRP is still chipping away
at what can only be described as its own ‘Berlin Wall’ of
resistance. With each small pinch, this formidable barrier inches
closer to its inevitable collapse,” stated Egrag. Related Reading:
Mid-Term XRP Price Targets Revealed By Crypto Analyst The “Berlin
Wall” at $0.5574 served as a strong support from May 2021 to May
2022. Egrag’s chart shows two critical moments when the price level
served as important support. However, in early May 2022, the XRP
price fell below this support level. After that, XRP was rejected
at the Berlin Wall in two key moments. After the summary judgment
in the lawsuit between Ripple and the US Securities and Exchange
Commission, the wall was overcome only for a short time, despite
the first God candle. Within 4 weeks, the price fell back below the
price level. Now, however, the wall seems to be crumbling and
resistance is getting lower, Egrag believes. The analyst highlights
the potential upside of this impending breakout: “The potential
breakthrough looming on the horizon promises to be nothing short of
spectacular. My expectations are set on XRP’s forthcoming move,
which I anticipate falling within the impressive range of $1.10 to
$1.40.” Related Reading: XRP Price Set To Surge Amid Heightened
Whale Accumulation Egrag also emphasized the emergence of a
distinct ‘W’ pattern in XRP’s price action over the past 2+ months.
This pattern is historically significant, often linked to trend
reversals and strong price momentum. “Now, let’s take a closer look
at the current technical analysis. It’s apparent that XRP is in the
process of forming a distinct ‘W’ pattern,” Egrag noted, suggesting
a bullish outlook, “This pattern suggests a measured move to
approximately $0.65.” The Rebounce Furthermore, the $0.65 mark
isn’t just a random figure in Egrag’s analysis. A successful move
past this resistance can set the stage for a bullish trend, and a
short-term retest of the $0.55 to $0.58 cents range. Egrag
highlights the importance of this level, stating, “Our next
significant milestone is around 65 cents, and a successful breach
at this level would indicate a bullish trend.” The climax of
Egrag’s prediction centers around the potential for a “Rebounce” —
a term he employs to describe a swift and robust bounce in the
price of XRP. Should this Rebounce materialize, Egrag is optimistic
about the coin reaching the $1.10 to $1.40 range. Concluding his
update with a message to the ardent followers of XRP, Egrag
affirmed, “XRP Army STAY STEADY, Our moment in the spotlight is
drawing near, and your unwavering commitment will soon be
rewarded.” At press time, XRP was trading at $0.5422 and was
rejected on the first attempt at the 0.236 Fibonacci retracement
level ($0.5539). Featured image from EXMO Info Hub, chart from
TradingView.com
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