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XRP Finds Strong Support at $0.5, Paving the Way for Impending Surge

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.

Read Also: Top Analyst Says XRP Set for Golden Cross after 3 Years, Sets $9 as Minimum Price Target

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.

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.

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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.

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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.

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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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Adedoyin Aka
Adedoyin Aka
Adedoyin is a graduate of Law and a Crypto & Blockchain expert who strongly believes that Blockchain is the future. At TimesTabloid, she focuses on crypto and blockchain educational content.
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