- EGRAG CRYPTO predicted that XRP may never break below $1 again if it closes weekly candles above this mark.
- The analyst revealed that XRP will need to break above the strong resistance at $0.55 before it can reach $1.
- At press time, XRP was trading at $0.5236 after dropping 1.17% over the past 24 hours.
In an X (formerly Twitter) post published earlier today, the cryptocurrency analyst and trader that goes by the name EGRAG CRYPTO predicted that the next time Ripple (XRP) closes above $1, it may very well signal the last time the altcoin will trade below $1 again. According to his post, the altcoin’s price has broken out of a multi-month trend line and has successfully retested the breakout.
#XRP Weekly VPVR ( Volume Profile Visible Range):Value Area High (VAH) represents the highest price within the 70% total value area, while the Low-Value Area (VAL) marks the lowest price within this range.To me, it's crystal clear: #XRP has broken out of a multi-month trend… https://t.co/7qtxPNoVuu pic.twitter.com/7g16Vkci8f— EGRAG CRYPTO (@egragcrypto) October 5, 2023
Subsequently, the analyst anticipates that the remittance token’s price is gearing up for a significant push. Before this move can take place, however, XRP will need to break above $0.55, noted EGRAG CRYPTO.
The analyst also shared that XRP closing weekly candles above $1 “is not only a structural milestone but also a psychological barrier.” EGRAG CRYPTO then went on to state that the longer the altcoin takes to build the necessary foundation above $0.55, the higher the potential value it will be able to reach.
Meanwhile, at press time, CoinMarketCap data indicated that XRP suffered a 24-hour loss of 1.17%. This drop in price resulted in the remittance token trading hands at $0.5236 – below the key resistance level highlighted by EGRAG CRYPTO.
Despite this latest loss, XRP’s weekly performance remained firmly set in the green zone. Subsequently, the altcoin’s price was still up 4.95% over the past 7 days.
Along with the drop in price, trader interest also seems to have experienced a decline during the past day of trading. At press time, CoinMarketCap indicated that XRP’s 24-hour trading volume dropped more than 40%. As a result, XRP’s volume stood at $1,000,091,860.
The cryptocurrency was able to reach a 24-hour high of $0.5449 but has since retraced to trade at its current level. This left the token trading between its daily high and low point for the same period, which was at $0.5075.
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