Analyst Says XRP Needs to Close Above $0.55 for Bullish Continuation

XRP is currently looking to reclaim the $0.60 price level for the first time this year, but the asset would need to close above $0.55 to have a chance.

XRP continues to put up a fight against the bears, sternly defending the $0.41 support level, and recently breaking above the $0.50 territory for the first time in a month. As XRP looks to hit its next target, Egrag, a skilled analyst, has disclosed that the asset needs to close above $0.55 for bullish continuation.

In his latest analysis, Egrag emphasized that XRP is currently following the “Yellow Track” which is one of three pre-set directions he highlighted in a previous report. Notably, by taking this route, the asset is poised to hit higher highs on the daily time frame as it seeks to reclaim the Fibonacci point at 1.0 which sits around the $0.55 price.

#XRP Fib Channel:

26th of May 2023 ( Find the link to the post: https://t.co/OqtwraMqsQ ) I stated three tracks. So far #XRP is following The Yellow Track which is in my opinion the fastest track to take out 0.55c & 0.58c.

Let us not forget that today we r the only game in… pic.twitter.com/lHzJf4OIqK

— EGRAG CRYPTO (@egragcrypto) May 29, 2023

According to Egrag, this Yellow Track will present the fastest route for XRP to break above the $0.55 and $0.58 targets. The analyst stressed that positive developments surrounding the legal battle between Ripple and the US SEC will provide support for XRP to continue its bullish momentum.

However, he noted that the asset would also need to close above the $0.55 and $0.58 price points on either the daily time frame or the 3-day timeframe in order to sustain this momentum. Data from the chart provided suggests that the initial price target sits at $0.5544.

XRP Breaks Into $0.50 for First Time in a Month

Similarly, Morecryptoonline, another technical analyst, highlighted that XRP is slipping towards the resistance territory between the price points at $0.4973 and $0.5472. The analyst emphasized that this level represents the ideal Fibonacci resistance points for Wave 2, which start from Fib 0.5 to Fib 0.786.

$XRP: price is now moving into resistance between $0.49 and $0.547. This is standard fibonacci resistance for circle wave 2. A sustained break above this level would indicate that XRP formed a more substantial low already and is already in a breakout in wave 3.#Ripple #XRP pic.twitter.com/uZV9ZwEsOJ

— Morecryptoonline (@Morecryptoonl) May 29, 2023

According to him, if XRP is able to break out of this resistance territory presented by the Fibonacci points, it would suggest that the asset has already observed its substantial low point. This would indicate that XRP is already breaking into Wave 3.

It is important to note that XRP recently conquered the $0.4973 resistance, currently trading at a delicate position in the $0.50 zone. This is the first time in a month that the asset is entering this price territory, but it faces the threat of a sudden displacement.

The Crypto Basic recently disclosed that this momentum comes on the back of a massive spike in daily active addresses. This pattern was also observed right before the previous solo run. XRP is currently changing hands at $0.5010, up 4.27% in the past 24 hours.