XRP investors are about to enter a critical era that might have a huge impact on the asset’s future. Egrag, a well-known analyst and chartist, has identified key support and resistance levels that should be monitored closely during the following 100 days, from September to October.
Support Levels: A Foundation for Opportunity
According to Egrag’s analysis, critical support levels may operate as stable thresholds where purchasing interest may materialize. These levels are critical for traders looking for market entrance points. They are $0.4570, $0.4250, and $0.4200, respectively.
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Egrag emphasizes a significant support level at $0.3850, stressing the need for preserving XRP’s price trajectory. This milestone was critical in XRP’s price trip in early March, amid a slump that started in January.
🚨 #XRP Last 100 Days: September-October 🚀
Buckle up, #XRPCommunity ! The next 100 days will be a make-it-or-break-it phase for our Precious #XRP , as we enter the Q3 of 2023, I want to share some key levels of support and resistance to keep an eye on. Let's dive in! 💪… pic.twitter.com/FntCh63yLG
— EGRAG CRYPTO (@egragcrypto) July 7, 2023
Hurdles Ahead
Egrag, on the other hand, highlights various resistance levels that XRP must overcome in order to initiate a bullish rebound. These critical hurdles are at $0.48 and $0.50. To accomplish a significant rally, XRP must overcome these barriers.
The most formidable resistance, however, is found between $0.54 and $0.58. Breaking beyond these important marks will necessitate strong buying pressure. Although XRP has been above $0.54 four times this year, it has only once broken beyond the $0.58 barrier.
Considering the Legal Landscape
While technical indicators provide useful information, Egrag cautions investors to examine the potential impact of ongoing legal procedures on the price dynamics of XRP. Judge Analisa Torres’ decision in the SEC vs. Ripple lawsuit might have a significant influence on the digital asset. Following the verdict, subsequent acts may function as a trigger, causing the price of XRP to rise or crash.
Read Also: Crypto Strategist Ali Martinez Reveals Most Accurate XRP Price Predictor
The Uncertain Road Ahead
Despite the uncertainty surrounding the judicial outcome, Egrag urged investors to be calm. While regularly tracking legislative changes, he recognizes the volatile nature of market reactions.
Reflecting on past occurrences, Egrag emphasizes the need of maintaining a long-term perspective in the face of short-term volatility. He expresses his dedication to the Dollar Cost Averaging (DCA) accumulation approach. He believes that by implementing this method through monthly and weekly contributions, XRP will break out between July and December, with a price goal of $15.
Current XRP Performance
XRP is currently trading at $0.4666 at the time of writing. The asset has dropped 0.85% in the last 24 hours and plummeted 1.93% in the last seven days.
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