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XRP’s price promotion in the past seven days Limited to a trade range As investors want to reclaim the losses they suffered at the beginning of February. This range is a consequence of current indecision on the XRP price. However, the popular crypto analyst Egrag Crypto has provided a detailed breakdown of the XRP price process. In particular, the analyst emphasized crucial support and resistance levels that can determine XRPs Movement in every phase.
The lower price objectives of XRP indicate the most important support levels
To share His insights on X, Egrag Crypto pointed out that recent price action suggests that market manipulation was in the game, so that leverage traders were liquidated before a rebound. His observation followed the sharp decline In the first three days of February when the price of XRP fell below $ 3 and a temporary soil found at $ 2.12. Moreover, this decrease included a wick that caused a wave of liquidations with leverage traders.
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However, the analyst claims that as long as XRP remains above a certain blue channel on the XRP graph below, the Outlook remains positive for his price trajectory. With this in mind, Egrag Crypto offered a series of lower goals that serve as important support levels, and emphasized that the closing of one of them could indicate a weakness.
Although the price of the price can occur, the analyst suggests that the integrity of the bullish structure remains intact as long as the XRP price does not fit below these levels. These support levels are at $ 2.21, $ 2.00, $ 1.80, $ 1.74 and $ 1.60. A break and close to the lowest support at $ 1.60 may indicate a final shift in sentiment and cause a deeper price correction.
Upper goals signal potential bullish breakout
On the bullish sideEgrag Crypto outlined upper price goals that can confirm a strong outbreak if XRP successfully closes. The analyst identified these goals as $ 2.62, $ 2.75, $ 2.94, $ 3.22 and $ 3.40. In particular, XRP was already traded above these price goals during this cycle and even closed above the first four goals in the daily period.
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Egrag Crypto noted that the higher the price closes above these goals, how Bullish becomes the prospects, especially over longer timetables. An outbreak and close to $ 3.40 would mark the first time that the cryptocurrency has reached a new all time of all time In more than seven years. . Moreover, the analyst price promotion can be just market sound within the range of $ 2 to $ 3.40. That is why persistent closures above the resistance levels are all confirmation that is needed.
At the time of writing, XRP acts at $ 2.55, which reflects an increase of 4.6% compared to the last 24 hours. This upward movement brings XRP closer to testing the first breakout of $ 2.62.
Featured image of Pexels, Chart van TradingView.com