Crypto market analyst EGRAG stresses that XRP needs to breach a crucial genuine wake-up line to record the anticipated explosive surge.
Interestingly, EGRAG’s analysis suggests that XRP might be on the verge of a major breakout. This analysis, coupled with substantial whale accumulation, confirms signs pointing to greater heights for the seventh-largest cryptocurrency.
The Genuine Wake-Up Line
The market watcher’s analysis focuses on the “Genuine Wake-Up Line,” a crucial resistance level between $0.70 and $0.75. EGRAG argued that breaching this level could trigger a significant upward movement.
#XRP GENUINE Wake-Up Line (UPDATE):
Yes, the "Atlas Line" was breached, but it was just a "Bear Trap"! Now, #XRP is within the $0.55-$0.58 range. A weekly closure in this range will pave the way to test $0.70-$0.75 – the GENUINE Wake-Up Line! 🔥
🚀 Short-Term Targets: 🚀
👉… https://t.co/yI8A9VI4dD pic.twitter.com/86NO2CgcSu— EGRAG CRYPTO (@egragcrypto) July 18, 2024
Besides the resistance at the Genuine Wake-Up Line, the accompanying chart also features the Atlas Line. This line forms a robust support for XRP, helping to keep prices above lower levels during a downtrend. However, the latest correction pushed XRP below the Atlas Line.
According to the analyst, XRP has re-entered the $0.55 to $0.58 range after briefly dipping below the Atlas Line in what he calls a “bear trap.” Such a bear trap is usually a false bearish signal that typically shakes out weaker hands from the market.
EGRAG noted that if XRP records a weekly close within the current range, this could set the stage for testing the Genuine Wake-Up Line. The last time XRP touched the Genuine Wake-Up Line was in March, when it spiked to $0.7449.
However, this March retest led to a rejection. If XRP eventually retests and breaches it this time, an explosive run could ensue. Short-term, EGRAG projects targets between $1.3 and $1.5. If these levels materialize, XRP might see a slight pullback before continuing its ascent.
XRP Targets an Ultimate Critical Level of $7.5
The ambitious longer-term target, based on Fibonacci extension analysis, is around $6.4, with a critical target level at $7.5. Essentially, this projection hinges on XRP’s ability to break through the $0.70 to $0.75 resistance.
Supporting this outlook is the recent activity from XRP whales and sharks. Santiment data reveals that addresses holding between 10,000 and 10 million XRP have accumulated 250 million XRP since June. This trend suggests confidence and could bolster buying pressure.
Meanwhile, data from XRP’s daily chart helps solidify the bullish sentiments. At the reporting time, XRP changes hands at $0.57947, with a mild 1.19% over a 24-hour period. Despite the latest correction, XRP has held above a 3-month high.
The Ichimoku Cloud shows that XRP has moved above the cloud, signaling potential bullish momentum. The conversion line (blue) has crossed above the baseline (red), reinforcing the positive momentum. As long as XRP remains above the cloud, it is likely to continue its upward trend.
The Stochastic Momentum Index (SMI), which measures market momentum, shows values of 58.27 and 61.53 for the %K and %D lines respectively. These values indicate that XRP is in the overbought territory, suggesting strong buying pressure. While this could lead to short-term corrections, it also highlights the current bullish sentiment in the market.
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.
