XRP has entered a new demand zone around the $0.5 mark, signaling a critical juncture in its trajectory. Expert analyst Egrag, known for his thought-provoking insights, anticipates a major breakthrough that could potentially reshape the market landscape.
Taking historical patterns into account, Egrag draws parallels between XRP’s current situation and a trend observed between 2014 and 2018.
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During this period, the altcoin tested an upward trendline multiple times, consistently registering higher lows. In 2017, XRP experienced a dip below the 21-day EMA, coinciding with its final touch of the trendline before skyrocketing to an all-time high of $3.31.
#XRP Final Countdown to the Big Blast-Off! 🚀🔥
Whether you're prepared or not, get ready because #XRP is on my way! 🚀🌌#XRPArmy STAY STEADY, You won't believe what is gonna happen. pic.twitter.com/aowedNhQFI
— EGRAG CRYPTO (@egragcrypto) August 18, 2023
Egrag postulates that history might repeat itself, as XRP has recently gone through a similar retesting phase. Since 2020, it has retested the upward trendline three times, suggesting the possibility of a fourth retest and a subsequent drop below the 21-day EMA. This potential dip paves the way for what Egrag dubs “the big blast-off,” an imminent rally that holds exciting prospects for XRP investors.
The emergence of a new demand zone further bolsters Egrag’s analysis. In a previous assessment, he highlighted XRP’s ongoing retest of a breakout from a multi-year triangle pattern.
Now, he confirms the formation of a new demand zone on the weekly chart, spanning from $0.5400 to $0.5858. XRP has already entered this zone and recently surpassed its lower bounds to retest the breakout.
#XRP ARE YOU SCARED 😂😂😂😂😂:
The current #XRP price movement is just a retest of the significant break-out from the multi-year Triangle pattern.
As @Coachjv_ say , "Get Ur Shit together" 💪
Maintain your focus on the bigger picture and continue to build your position. This… https://t.co/onB43kKLJe pic.twitter.com/4AoErTOCD9
— EGRAG CRYPTO (@egragcrypto) August 18, 2023
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Interestingly, this demand zone used to be a supply zone. A shift in sentiment and market dynamics is now evident with the new supply zone located around the $0.87 mark. Egrag views this as an opportunity for accumulation, suggesting that strategic positioning could lead to significant gains in the near future.
In his latest analysis, Egrag introduces two crucial concepts: Major Macro Resistant (MMR) and Major Macro Support (MMS). Building on his previous work, he accurately predicted a major resistance target between $0.80 and $0.85 on June 22, foreseeing a potential surge to this level. However, XRP encountered significant obstacles in that price range, which coincided with legal uncertainties at the time.
#XRP MMR & MMS:
MMR: Major Macro Resistant
MMS: Major Macro Support📅June 22, 2023: The post boldly painted the target of the MMR at 0.80-0.85c, even before the dawn of positive news. The charts took the lead, for they whisper the future. Dive into the post for absolute… https://t.co/PxNaJ3Unc3 pic.twitter.com/uCYahIqgem
— EGRAG CRYPTO (@egragcrypto) August 18, 2023
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Now, attention shifts to XRP’s current position at MMS, just above the critical $0.50 mark. Egrag emphasizes the importance of this substantial support level as it forms a pivotal foundation for XRP’s resilience and shapes future trends.
Despite recent declines, Egrag emphasizes the intrinsic connection between XRP and Bitcoin (BTC) within the broader liquidity ecosystem. This interrelationship continues to exert a significant influence on market movements and underscores the importance of monitoring both digital assets.
XRP remains steadfast above the $0.50 level, successfully recovering after a 14% plunge over the last 24 hours. As of the time of this report, XRP is trading at $0.5079, positioning itself for potential growth in the face of imminent opportunities.
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