A top market analyst has updated the XRP community on the next course of action for XRP following a successful retest of the crucial $2 support level.
XRP dumped below $2 for the first time since April 11, reaching an intraday low of $1.9 on Sunday. The capitulation followed a broader market trend as the geopolitical tension in the Middle East escalated.
Analyst Foresaw Retest
Top analyst EGRAG Crypto pointed to his earlier analysis in a Sunday X post, where he predicted the retest. He drew the community’s attention to a June 13 tweet in which he stated that XRP could drop into a white box area on a chart accompanying the analysis.
For context, he shared in the commentary that the $2.20 support was crucial to preventing lower prices for XRP. If it failed to close above the support level, the market watcher predicted a retest of the $2.08 area and possibly the $1.90 demand zone.
Support Successfully Retested
Most recently, EGRAG identified that XRP has successfully tested the white box, as he predicted. While many may be panicking, he suggested that this is bullish for XRP, as it has established the macro-support as a stronghold.
Furthermore, the analyst shared an updated chart, presenting two scenarios for XRP, which could either lead to further corrections or spark a rebound to new highs. He also identified a zone that would determine the direction XRP would take next.
For perspective, EGRAG suggested that if XRP fails to reclaim the $2.08 macro support, it could continue to consolidate downwards, retesting $1.90 and possibly $1.77. An accompanying chart indicates that XRP could drop even further, with support at $1.47 being crucial to its near-term upward trajectory.
Here’s the Good News
However, EGRAG highlighted that a close above $2.08 on the 12-hour timeframe, with further confirmations on higher timeframes, would spur an upside run. According to him, the quick rebound would indicate that bulls are aggressively stepping in, a propellant for higher prices.
Meanwhile, the analyst shared crucial breakout zones for XRP’s rebound. First, XRP would need to reclaim the $2.30 to $2.33 price zone, aligning with the upper trendline of an identified descending triangle.
Further, EGRAG identified the $2.65 price mark as the “macro signaling level,” which a close above would spark a full bullish run. Interestingly, the analyst had earlier predicted a surge to unprecedented prices if XRP regained bullish momentum, forecasting prices of $13, $17, and $27.
In the meantime, XRP trades at $2.00, down 2.37% in the past 24 hours.
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