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.