XRP remains the highest gainer among the top 80 crypto assets in the past week.
XRP is on track to close the week above the wake-up line for the first time since April 2021, according to an analysis from the veteran trader and analyst Egrag Crypto. Notably, the sloping wake-up line currently sits around the $0.38 price territory. A close above this price level indicates the asset could continue in its ongoing rally.
Egrag’s analysis considered a sloping wake-up line that has persistently towered XRP’s weekly candle for over 100 weeks since the asset collapsed from the local top of $1.83 on April 15, 2021. Despite a series of comebacks ever since XRP has failed to close a week above the line.
#XRP Weekly Wake Up Line:
Closing this weekly candle with full body above "Wake up line" will be the first weekly candle close since April 2021.
In 2D days & 18 Hours we will have an answer of this weekly candle close. https://t.co/UOupsaQgw7 pic.twitter.com/mu8FFNmDpA
— EGRAG CRYPTO (@egragcrypto) March 24, 2023
At its current value of $0.4345, XRP looks poised to close above the line this week which currently hovers at the $0.38 level. However, due to the unprecedented volatility within the crypto markets, the community understands that a bearish turn of events is still possible.
XRP’s latest solo rally gained momentum on Tuesday amid renewed optimism of a favorable ruling in the U.S. SEC’s litigation against Ripple. The asset targeted the $0.50 price level, soaring to a high of $0.4914 on that day before facing opposition.
Despite the correction, XRP is still registering a 17.80% gain in the past week, making it the biggest-gaining asset on the top 80 list within the timeframe. According to Egrag, the continuation of this rally is contingent on XRP’s close above the wake-up line this week.
In his most recent analysis, Egrag insisted that XRP needs to end the week above $0.40 and the Fibonacci point at $0.382 for the bullish momentum to be sustained.
#XRP Left Dump = Right Pump:#XRP must close weekly candle above 0.40c & above the Fib 0.382 for #Bullish Continuation.
I can see high probability of having a similar move to up side (Light Blue) imitating the pattern of the down side (Light Pinkish).
It will be the most… pic.twitter.com/SbNCQ0szOP
— EGRAG CRYPTO (@egragcrypto) March 24, 2023
As of press time, XRP has shed 3.2% of its value in the past 24 hours, trading for $0.4345. The asset has struggled to solidify its position above $0.45 since the drop on Tuesday. If it further drops, XRP needs to hold above the support at $0.33 for a chance at a comeback.
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