XRP aims to recover $0.60, but prominent crypto analyst EGRAG believes the asset’s ascent to this level is contingent on breaking the $0.55 resistance.
EGRAG disclosed this in a recent analysis of XRP’s price actions following the asset’s break above a multi-month downtrend. The latest insights build on a previous post from the analyst, in which he called attention to two descending trendlines hindering XRP’s upsurge.
XRP’s Position at DTL A
Three days ago, EGRAG emphasized that XRP is testing the Descending Trendline A (DTL A) to tower over it. According to him, should XRP face resistance and drop further below the DTL A, it could plummet to the lows at $0.43.
However, if XRP successfully breaks above the DTL A, EGRAG posited that the asset could soar to the $0.59 threshold reflecting the Fibonacci level at 0.382.
Following EGRAG’s initial analysis, XRP registered three massive intraday gains, soaring by 5.72% from Sept. 18 to 20. This impressive upsurge saw XRP reclaim the $0.52 price territory for the first time this month.
XRP Could Face Resistance at $0.55
EGRAG’s latest analysis confirms that XRP’s recent modest rally helped the asset break above DTL A. He acknowledged that the break above DTL A is a crucial shift for XRP, signaling a more impressive rally in the asset’s price.
However, he warned that, amid this sustained rally, XRP would face fierce resistance at $0.55. The last time XRP saw the $0.55 level was on Aug. 20, when it rallied to $0.5582. Nonetheless, the asset witnessed resistance at the level that saw it drop to $0.50 the next day.
EGRAG believes the key to recovering the $0.60 point is the reclamation of $0.55. Should XRP break above the resistance at $0.55 and flip it into support, it could leverage it as a launchpad to $0.60, which rests on the Fibonacci level at 0.382.
The analyst’s long-term projection for XRP remains bullish, as he expects the asset to eventually soar to the second trendline on the chart, the Descending Trendline B (DTL B).
In his earlier analysis, EGRAG noted that XRP could surge above the $0.65 – $0.67 region on DTL B. When this occurs, it could set up the path for a rally to $1. XRP is trading for $0.5103, down 0.72% over the past 24 hours.
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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