EGRAG CRYPTO (@egragcrypto), a prominent crypto analyst, has highlighted crucial developments in XRP’s price movement using a recent technical analysis chart.
The analysis emphasizes the importance of key support and resistance levels, offering insights into potential future price movements for the digital asset.
#XRP – Bulls Has Stepped In – We need a daily closure above $2.12: pic.twitter.com/R9lQnsOw9N
— EGRAG CRYPTO (@egragcrypto) December 30, 2024
Key Technical Highlights
The analyst shared a Fibonacci channel break, as XRP has broken below the 0.236 Fibonacci channel level. While this breach indicates bearish momentum, the analyst stresses that the daily candle’s closure remains critical. A rebound above $2.12 by the close could mitigate downside risks.
The $2.12 mark is pivotal for XRP to regain bullish momentum. According to the analyst, failing to close above this level could further weaken the price. The market awaits XRP’s ability to stabilize above this threshold to validate potential upward movement.
The chart also drew attention to a notable triangle formation. The systematic triangle formation on the chart shows a bearish breakdown, which aligns with the broader crypto market trend. A downward move from this pattern often suggests increased selling pressure.
Based on the triangle’s measured move, the price could drop to $1.676, which aligns with a support zone highlighted on the chart. This level is critical for maintaining long-term bullish prospects and avoiding further declines.
The analyst also identified $1.644 as an equilibrium level, a crucial psychological and technical marker. Holding this level could offer a base for a potential reversal.
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What This Means for Traders
The chart shows a precarious situation for XRP. Traders are closely watching whether the asset can secure a daily close above $2.12, which could indicate bullish sentiment returning. Conversely, failure to do so might confirm the bearish triangle breakdown, paving the way toward lower support levels near $1.67.
EGRAG CRYPTO notes XRP must bounce back and close the daily candle above $2.12. This reinforces the significance of the next few trading sessions for determining XRP’s trajectory. While the $2.12 level serves as immediate resistance, a breach could set the stage for testing the upper range of $2.75, as indicated on the chart.
XRP finds itself at a critical juncture and is currently trading at $2.13, after a 5.39% jump over the past 24 hours. If it can sustain this level, it might kickstart one of the many bullish predictions shared by notable crypto experts.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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