EGRAG CRYPTO (@egragcrypto), a prominent crypto analyst on X, presented an intriguing analysis of XRP’s price movement. The post builds on an older analysis discussing the concept of the “GODS Candle,” and the ongoing resistance faced by XRP.
The “GODS Candle” and XRP Resistance
EGRAG CRYPTO introduced the concept of the “GODS Candle” back on April 2, 2023. This term signifies a potential massive XRP price movement. This concept is introduced as a precursor to the price action that may follow.
EGRAG CRYPTO describes the current resistance holding XRP back as the “Berlin Wall” of resistance. It’s worth mentioning that resistance levels in cryptocurrency trading are price points where a digital asset has historically struggled to break through. The analyst states that XRP has been chipping away at this wall.
Read Also: SEC Highlights Lawsuit Key Date: What November 9 Meeting With Ripple Mean for XRP?
With each attempt, XRP gets closer to destroying the resistance and breaking through. The analyst says about the resistance, “The potential breakthrough looming on the horizon promises to be nothing short of spectacular.”
EGRAG CRYPTO’s analysis points towards a forthcoming move for XRP, with expectations ranging from $1.10 to $1.40. He dives deeper into the technical analysis to show why this could happen.
#XRP GODS CANDLE, IT IS COMING. 👼 pic.twitter.com/xJRVm4T379
— EGRAG CRYPTO (@egragcrypto) April 2, 2023
The ‘W’ Formation
One of the key technical aspects highlighted in the post is the formation of a ‘W’ pattern in XRP’s price chart. According to EGRAG CRYPTO, the ‘W’ pattern is often associated with trend reversals and strong price momentum. This formation could indicate a measured move to approximately 65 cents.
Read Also: Ripple Moved Millions of XRP In Between Exchanges, Sparks Sell-off Concerns
The Rebounce Scenario
The analyst describes the 65-cent price point as the next significant milestone. A successful breach of this level could indicate a bullish trend, setting the stage for a retest of the range between 55 to 58 cents, followed by a rebound. This bounce could send XRP to EGRAG CRYPTO’s target between $1.10 and $1.40.
As always, he encourages the XRP army to stay steady, adding that the crypto’s moment in the spotlight is getting close. At the time of press, XRP is trading at $0.5484, up 3.61% in the past 24 hours and a surprising 11.63% in the past week.
While cryptocurrency markets are notoriously volatile and subject to various factors, the analysis shared by EGRAG CRYPTO presents an optimistic outlook for XRP investors.
Follow us on Twitter, Facebook, Telegram, and Google News
