Renowned market analyst EGRAG CRYPTO has identified a critical support level at $0.55, dubbed “Val Hell gates,” which XRP must defend to maintain its upward momentum towards a potential $1.98 target.
His analysis builds on his previous observations of the asset’s movements, where he focused on the short-term outlook, highlighting the battle between bullish and bearish forces.
EGRAG CRYPTO’s recent analysis of XRP’s movements builds upon his previous prediction, initially focused on the short-term outlook.
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After a surge following a favorable pivotal court ruling in July, XRP faced a correction and dropped to $0.5346 in August. This was a pivotal moment that prompted the analyst to suggest $0.53 as the potential bottom for the token.
However, he emphasized that confirmation hinged on re-entry into the descending channel and a close above the $0.60-$0.67 range. After EGRAG CRYPTO’s analysis, XRP entered a consolidation phase between $0.45 and $0.55. The token experienced a breakthrough on Nov. 6, rising above $0.71. Despite these gains, a correction is currently unfolding.
The New Analysis
In the latest update, EGRAG CRYPTO shed light on XRP’s decline, as the token re-enters the descending channel shown on his chart, surpassing a crucial Fib. 0.382 level at $0.6003. The subsequent correction tested this level, and currently, XRP is trading at $0.6382.
The analyst stated, “However, the looming threat of the #Bears attempting to breach the gates of “Val Hell” persists.” He highlighted the looming threat of a bearish push below $0.60, potentially ushering XRP towards the precarious “Val Hell” gates positioned at $0.55.
The chartist also highlights that XRP must secure a daily close above $0.55 to avert the risk of further declines.
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He stated, “The bulls exhibit strength, yet the challenge persists. While temporary wicking suggests resilience, a daily close below this pivotal point is precarious. Protecting against the bears’ intrusion into ‘Val Hell’ is pivotal.”
Despite short-term challenges, EGRAG CRYPTO’s chart shows a fascinating journey within a multi-year ascending channel. This projection hints at a potential future for XRP, with a target of $1.9869.
The last time XRP reached this level was during the remarkable surge of April 2021. Although everyone is watching XRP’s price, the token has been in the news for other reasons recently. A recent pump and dump scheme involving a BlackRock Spot XRP ETF filing has been making many in the crypto community ask questions.
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