Prominent market watcher EGRAG believes XRP needs to defend against a drop below $0.55, a level he dubs “Val Hell” gates, on its journey to the $1.98 territory.
EGRAG disclosed this in a recent analysis of XRP’s movements, building on a previous post he made about the asset’s price action. In his previous analysis, the skilled chartist examined the short-term outlook of XRP, as the bulls and bears battled for supremacy.
As of August, XRP changed hands at $0.5346 following the correction from the July 13 high of $0.9380. With the drop to the $0.53 price level, EGRAG noted that XRP had plummeted below a particular descending channel that formed as the asset dropped from the July high.
The analyst asserted that the drop to $0.53 marked XRP’s bottom. However, he subtly emphasized that this was not a certainty, noting that a confirmation of this assertion would come up if XRP re-enter the descending channel and close above the price range of $0.60 and $0.67.
Following EGRAG’s analysis, XRP continued to consolidate between $0.45 and $0.55, with the bears and bulls matching each other’s momentum. XRP witnessed a breakthrough this month, closing above $0.71 on Nov. 6. The asset registered impressive gains, but is now facing a correction.
XRP Latest Movements
EGRAG’s latest analysis calls attention to the declining value. Data from his chart confirmed that XRP had already re-entered the descending channel and towered above it amid the latest rally. As the rally progressed, XRP broke above a pivotal price level of $0.6003, stationed at Fib. 0.382.
Nonetheless, the ensuing correction briefly brought XRP back to this level. The bulls mounted a comeback, leading to a mild recovery which has taken XRP to its current value of $0.6353. However, EGRAG acknowledged that the bears are threatening to break below the $0.60 level and push XRP to a region he calls the Val Hell gates.
The Val Hell gate rests at the $0.55 level. A breach below this level could lead to further drops for XRP. EGRAG stressed that the asset needs to hold strong and record a comfortable daily close above the level of interest. Meanwhile, XRP currently faces a 5.41% decline in 24 hours, with a volume of $2,125,362,588.
However, EGRAG’s chart suggests that XRP trades within a multi-year ascending channel. The trajectory of the channel leads to a $1.9869 price for XRP. The last time XRP saw this price territory was during the meteoric surge in April 2021.
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.
-Advertisement-
