The XRP price has experienced a sharp increase in recent hours along with the entire crypto market. XRP is temporarily up more than 5% and approaching a crucial resistance zone that, if broken, could trigger a strong and impulsive ‘god candle’.
Renowned crypto analyst Egrag unveiled his latest technique analysis on XRP’s price trajectory, causing excitement within the crypto community. Using the 3-day XRP/USDT price chart, Egrag draws attention to several crucial moments and trends.” XRP Gods Candle, it’s coming, Egrag tweeted.
The “Berlin Wall” of Resistance to XRP Price
In his analysis, Egrag compared XRP’s resistance level to the infamous ‘Berlin Wall’, describing the resistance as both formidable and tantalizingly close to collapse. “Fast forward to today, and XRP is still breaking down what can only be described as its own ‘Berlin Wall’ of resistance. With every little squeeze, this formidable barrier comes closer and closer to its inevitable collapse,” Egrag said.
The “Berlin Wall” with a value of $0.5574 served as strong support from May 2021 to May 2022. Egrag’s chart shows two critical moments when the price level served as important support. However, in early May 2022, the XRP price fell below this support level. After that, XRP was rejected at the Berlin Wall in two key moments.
After the summary judgment in the lawsuit between Ripple and the US Securities and Exchange Commission, the wall was only overcome for a short time, despite the first God candle. Within 4 weeks the price fell below the price level again. Now, however, the wall seems to be crumbling and resistance is decreasing, Eggrag believes.
The analyst emphasizes the potential upside of this impending breakout: “The potential breakthrough looming on the horizon promises to be nothing short of spectacular. My expectations are pinned on XRP’s upcoming move, which I expect will fall within the impressive range of $1.10 to $1.40.”
Egrag also highlighted the emergence of a clear ‘W’ pattern in XRP’s price action over the past two+ months. This pattern is historically significant and often associated with trend reversals and strong price momentum.
“Now let’s take a closer look at the current technical analysis. “It is clear that XRP is in the process of forming a clear ‘W’ pattern,” Egrag noted, suggesting a bullish outlook. “This pattern suggests a measured move towards around $0.65.”
The resurrection
Moreover, the $0.65 limit is not just an arbitrary number in Eggag’s analysis. A successful move past this resistance could pave the way for a bullish trend and a near-term retest of the $0.55 to $0.58 cents range. Egrag emphasizes the importance of this level, stating: “Our next major milestone is around 65 cents, and a successful break at this level would indicate a bullish trend.”
The highlight of Egrag’s prediction revolves around the potential for a “Rebounce” – a term he uses to describe a rapid and robust increase in the price of XRP. Should this rebound materialize, Egrag is optimistic that the coin will reach the $1.10 to $1.40 range.
Egrag concluded his update with a message to XRP’s ardent followers, affirming: “XRP Army STAY STEADY, our moment in the spotlight is approaching and your continued efforts will soon be rewarded.”
At the time of writing, XRP was trading at $0.5422 and was rejected on the first attempt at the 0.236 Fibonacci retracement level ($0.5539).
Featured image from EXMO Info Hub, chart from TradingView.com