Prominent crypto chartist EGRAG has identified three crucial XRP levels to watch on the monthly chart as XRP collapses below the $0.50 psychological support.
EGRAG’s recent disclosure came from his latest analysis of XRP’s recent price movements. The analyst called attention to the Phobos Line, the Line of Hestia, and the Hermes force, alluding to concepts of Greek mythology to drive his point.
The Phobos Line
According to Egrag, the Phobos Line plays a significant role in instilling emotions within the XRP community. The analyst called attention to its distinct nature, differentiating it from the previously mentioned ATLAS line.
When XRP’s price dips below the Phobos Line, investors tend to exhibit emotions of desperation, fear, and even anger. EGRAG emphasized that this line acts as a psychological marker and as a barrier between bullish and bearish sentiments.
Currently, XRP is retesting the Phobos Line as it hovers at the $0.49 level, adding tension to the ongoing battle. Notably, should the asset break below this level, market participants could give in to panic. This turn of events is capable of triggering further selloffs.
The Line of Hestia
However, EGRAG highlighted the Line of Hestia as a symbol of protection and tranquility amidst the tumultuous waves. When XRP finds support along this line, the effect could be calm across the community, counteracting the impact of a breach of the Phobos Line.
Notably, the Line of Hestia currently sits just below the Phobos Line as a potent support. It serves as a crucial stronghold for when the bears breach the Phobos Line, safeguarding XRP from further decline.
In addition, Egrag introduced Hermes as a vital force capable of propelling XRP’s price upwards. The force of Hermes typically signals a looming upward surge for XRP.
The chart data reveals that the last encounter with the Hermes force occurred in 2017. This encounter led to an impressive rally for XRP, reaching its all-time high of $3.3 in January 2018.
According to EGRAG’s chart, the XRP market has witnessed the second appearance of the Hermes force. Interestingly, this could suggest the potential for another substantial price surge. The analyst has continued to champion this narrative in previous analyses.
XRP Slips Below $0.50
EGRAG’s analysis comes at a crucial juncture for XRP as the asset struggles to maintain its foothold above the $0.50 price level.
Recent developments have seen XRP closing below this psychological point for the first time in a week, signaling the bears’ resurgence in a battle that has seen XRP repeatedly reclaiming and losing the $0.50 threshold.
Despite the turbulence, EGRAG maintains a bullish outlook on XRP’s long-term prospects. In a previous analysis, the market watcher projected an XRP rally to $150, citing historical data. XRP is currently trading for $0.4929, down 1.36% in the past 24 hours.