XRP Price Retest: A Prelude To A Stunning Surge To $2, Predicts Expert
2023年10月11日 - 7:00PM
NEWSBTC
Renowned crypto analyst Egrag delivered a fresh and in-depth XRP
price analysis across multiple timeframes today. As of press time,
the cryptocurrency stands at $0.4825, marking a decrease of about
12% since October 3, when it reached a high of $0.5478. Despite the
bearish momentum fueled by the broader crypto market trend, Egrag
projects bullishness on higher time frames. Monthly Chart XRP/USD
On the monthly XRP/USD chart, Egrag took to Twitter to share his
insights, stating: “XRP Monthly Bullish Pennant – Super Bullish
Sign: Do you spot the pattern like I do? It’s incredibly bullish!”
According to Egrag, trading on a monthly time frame reduces the
chance of false signals. He believes that a strong flagpole hints
at a rapid price increase, and the ongoing consolidation phase
forms the pennant. The current pause in the uptrend could
potentially lead to further upward movement, especially if there’s
a surge in volume after a breakout. For this scenario to occur, XRP
shouldn’t break out to the downside, but stay within the two
approximating lines until the breakout north. Related Reading: XRP
Price Gearing Up For Rebound As Whales Make Their Move By measuring
the flagpole’s height, Egrag anticipates that XRP could potentially
surge above $24 (on a longer time scale) if it manages to break out
of the bullish pennant pattern. Weekly Chart For the weekly chart,
Egrag commented, “It’s evident that XRP is currently undergoing a
retest phase following its recent breakout.” This sentiment is
anchored in the aftermath of the Ripple Labs case against the US
Securities and Exchange Commission, where the price broke out of a
longstanding trend channel. However, the continued bearish
sentiment in the broader crypto market, along with macro-economic
pressures halted XRP’s momentum. Egrag points out the importance of
the price range between $0.48 to $0.43, suggesting that maintaining
above this line is critical. A breach could lead the cryptocurrency
to retest the foundational zone between $0.25939 and $0.32630,
which has shown robust support since 2017. Related Reading: XRP Is
A Better Buy Now Than H1 2023: What’s Keeping Prices Low?
Nevertheless, if the altcoin successfully retests and stays above
the trendline, Egrag envisions a potential retest of the key
resistance at $0.58304. Surpassing this would pave the way for an
impressive rally, potentially reaching $2. According to him, XRP
would thus penetrate the next higher “steel foundation”, the area
between $1.6188 and $2. 1-Day Chart For the daily XRP/USD chart,
Egrag’s message was concise: “XRP Army: Don’t miss the forest for
the trees.” His analysis for this timeframe focuses on the
“wicking” range of $0.3875 to $0.4719, which he sees as the
possible dip range if the broader market pressure persists. Only a
drop below $0.3875 would negate the bullish pattern. If the
cryptocurrency maintains between $0.4719 and $0.5119, Egrag sees no
cause for alarm. But for a bullish narrative to play out, the token
needs to push beyond $0.5119, aiming for the $0.5738 mark, which
corresponds to the 50% Fibonacci retracement level. Egrag
emphasizes that breaching this level is crucial for a broader
rally, targeting the 1,618 Fibonacci extension at $1.4694. At press
time, the XRP price fell below the 61.8% Fibonacci retracement
level and was trading at $0.4856, representing a loss of 3.3% in
the last 24 hours. Featured image from Top1 Markets, chart from
TradingView.com
Ripple (COIN:XRPUSD)
過去 株価チャート
から 6 2024 まで 7 2024
Ripple (COIN:XRPUSD)
過去 株価チャート
から 7 2023 まで 7 2024