XRP Must Close Above $0.63 for 14% Rise, as It Enters Into Sentiment Status

XRP must close above $0.6345 to record a 14% rise, according to market analyst Cryptoes, with prominent chartist EGRAG revealing that the asset has slipped back into what he calls the sentiment status.

XRP’s price movements over the past few days have been sluggish despite generally bullish sentiments. Crypto market analyst Cryptoes highlighted the current price condition in a recent report, citing the daily chart.

XRP Must Close Above $0.6345

At the time of his disclosure, XRP had recovered from the $0.5973 low of Nov. 30, having increased 4.2% to a price of $0.6226. Amid the recovery, the asset rose to $0.6348 but faced a rejection. Cryptoes suggested that XRP had rekindled the bullish momentum, but it needs to sustain it.

With XRP’s price hovering at $0.6226, data from the analyst’s chart outlined an area of interest within the $0.6226 to $0.6345 price range. He marked this area with a green bar, emphasizing that this represents a stern resistance area. He stressed that XRP needs to close above this zone.

Cryptoes further outlined a higher price range, marked with a blue bar. This blue bar ranged from the Nov. 9 high of $0.7078 to the Nov. 7 high of $0.7160, tilting toward the $0.72 threshold. According to him, XRP’s journey to this blue bar at $0.72 depends on the asset’s ability to close above the green bar at $0.6345.

The analyst’s conviction stems from forming a cup and handle pattern on the daily timeframe. This pattern signals a temporary consolidation before a resumption of a previous uptrend. XRP now trades at $0.6293, sitting within the green bar but still unable to close above it. XRP must surge 14.4% to hit $0.72 at its current price.

A Slip Into the Sentiment Status

Meanwhile, well-known chartist EGRAG also revealed that XRP had begun registering bullish momentum. As XRP moved toward $0.6345 yesterday, EGRAG disclosed that it has slipped back into a region he calls the “sentiment status.” This area spans an extended price range, from $0.63 to $0.70.

Before now, XRP was trading within the “structural formation” zone, below the sentiment status. The structural formation region spans from $0.5369 to $0.5851. XRP broke out of this region on Nov. 22 to enter the sentiment status. It slipped into the sentiment status yesterday amid bullish momentum.

Leveraging the 4-hour chart, EGRAG stressed that XRP must record multiple closes within the sentiment status for the bullish momentum to continue. A measured move above the sentiment status would bring the “macro range” into play, a region above $0.74.

XRP is up 1.74% over the past 24 hours as it rides on the recent Bitcoin surge. A 58% surge in 24-hour volume to $1,122,238,771 indicates a renewal of investor interest amid the latest price upswing. XRP now boasts a market cap of $33,946,152,892, just 821,037,768 from reaching BNB’s current valuation.