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A prominent market analyst, EGRAG, has highlighted a crucial resistance level for XRP that could mark the start of a major price uptick.
XRP has been consolidating within a narrowing price range for several months. This consolidation is characterized by two overlapping triangle formations, a smaller white triangle and a larger yellow triangle. These formations indicate a buildup of tension between buyers and sellers.
The Genuine Wake-Up Line
The upper boundary of these triangles, known as the “Genuine Wake-Up Line,” represents a significant resistance level for XRP. The altcoin has repeatedly tested this line but has yet to break through.
EGRAG believes that the pressure is building, and a breakout is becoming increasingly likely. The analyst predicts that XRP could break through the Genuine Wake-Up Line within the next 15 to 30 days.
Potential Breakout Targets
If XRP successfully breaks above the Genuine Wake-Up Line, the bullish momentum could propel prices higher. EGRAG suggests that the first price target following this breakout would be $0.6112.
In the long term, XRP could potentially reach $7.50 if the bullish momentum sustains. However, this ambitious target would require a significant rally, similar to the one seen in 2021.
Support Levels
The “Atlas Line,” which forms the lower boundary of the triangles, has provided a solid foundation for XRP’s price movement. If XRP fails to break out above the Genuine Wake-Up Line and instead falls below the Atlas Line, it could signal a bearish turn.
XRP is approaching a critical juncture, with a potential breakout from a long-term consolidation pattern. Breaking above the Genuine Wake-Up Line could mark the start of a significant uptrend for XRP. However, it’s essential to monitor the price action closely and be prepared for potential volatility.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
