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.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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