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- The analyst says XRP could also drop suddenly to $0.28 before bouncing to $0.41.
- EGRAG CRYPTO says XRP’s current scenario presents challenges and also a generational buying opportunity.
- According to EGRAG CRYPTO, XRP must overcome upper targets between $0.60 and $1.3 to validate a bullish trend.
According to the crypto analyst posting as EGRAG CRYPTO on X (formerly Twitter), XRP must overcome upper targets between $0.60 and $1.3 to validate a bullish trend. EGRAG CRYPTO believes a weekly close above significant levels within that range would signify robust support and a continued upward trajectory.
The analyst used custom indicators on a historical XRP/USD chart to explain his position. He identified potential long-term outcomes for XRP depending on how the price develops at critical points.
XRPUSD Chart (Source: TradingView)
In the shared image, EGRAG CRYPTO explained that XRP could crash suddenly if the Blue Channel aligns with the Red Channel. According to him, that could lead the price to drop to $0.28 before bouncing to $0.41. He considers the lower boundary of the Blue Channel resilient, judging from the consistent higher lows formed around the zone. However, he also sees the possibility of BTC drop-dragging XRP, especially if enabled by market makers.
Considering how the market behaved in 2017-2018, EGRAG CRYPTO foresees the possibility of a 50% drop for XRP. Hence, he suggests that XRP traders should prepare for all possible outcomes. He cautioned users against leveraging, considering the uncertain nature of the market. However, he believes that while this scenario presents challenges, it represents a generational buying opportunity.
The analyst concluded by calling on XRP community members to stay ready. He noted that market makers may engineer an independent surge that would propel XRP to $5. Otherwise, if the market falls, he sees it as an opportunity to purchase the crypto token at a more favorable price.
XRP traded for $0.5498 at the time of writing, showing some weakness around existing support, according to data from TradingView. EGRAG CRYPTO claimed his targets are rooted in channel analysis, offering crucial insight into significant price behavior.
The post XRP Must Overcome Upper Targets Between $0.60 and $1.3 to Validate Bullish Trend: Analyst appeared first on Coin Edition.