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- EGRAG CRYPTO revealed that XRP will need to overcome the $0.83-$0.85 resistance before it can break out.
- The analyst also shared that XRP has formed “robust support” at $0.50.
- At press time, XRP was attempting to escape a negative price channel that had emerged on its daily chart.
The cryptocurrency analyst and trader with the X username EGRAG CRYPTO highlighted the strong support and resistance levels that he will be watching on Ripple’s (XRP) charts. The analyst also anticipates a “Mega Pump” for the remittance token but warned traders to stay vigilant and strategically allocate portions of their holdings in the next few weeks.
#XRP Gaussian Channel & Symmetrical Triangle Unveil (Strong Support and Resistance Patterns)Within the framework of the Gaussian Channel, the alignment of support and resistance price targets mirrors other charts, adding weight to their significance.Notable Support Levels:… pic.twitter.com/PIIb3Yr4yB— EGRAG CRYPTO (@egragcrypto) November 20, 2023
According to the post, XRP is showing strong support levels within the Gaussian Channel and Symmetrical Triangle pattern. XRP has formed “robust support” at $0.50 and has firm support that ranges between $0.54 and $0.55. Meanwhile, the threshold for XRP’s support stands at $0.60, noted the analyst.
Although XRP has established solid support at these levels, EGRAG CRYPTO warned that XRP will need to overcome $0.83 – $0.85 before it can break out towards the upside. EGRAG CRYPTO also noted that these specific resistance points are the barrier of a symmetrical triangle pattern that had formed on the remittance token’s charts.
At press time, XRP was trading at $0.6219 according to the cryptocurrency market tracking website CoinMarketCap. This was after the altcoin’s value rose 1.86% over the past 24 hours of trading. Looking at the weekly timeframe, XRP was still down more than 5% over the past 7 days.
Daily chart for XRP/USDT (Source: TradingView)
XRP dropped below the key $0.6235 support level over the past few days. Subsequently, the cryptocurrency was attempting to reclaim a position above this significant mark at press time. Should XRP close today’s daily candle above $0.6235, then it may have the foundation needed to escape its negative trend.
This could then lead to XRP rising to as high as $0.68 in the next few days. On the other hand, XRP closing today’s session below $0.6235 could expose the remittance token to the risk of dropping down to $0.5730 in the following few days.
The post XRP Will Need To Pass $0.85 Before It Can Breakout, Says Analyst appeared first on Coin Edition.