{"id":34764,"date":"2024-01-04T17:52:42","date_gmt":"2024-01-04T21:52:42","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=34764"},"modified":"2024-01-04T17:52:42","modified_gmt":"2024-01-04T21:52:42","slug":"xrp-price-gears-up-for-significant-upswing-soon-crypto-analyst","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2024\/01\/04\/xrp-price-gears-up-for-significant-upswing-soon-crypto-analyst\/","title":{"rendered":"XRP Price Gears Up For \u2018Significant Upswing Soon\u2019: Crypto Analyst"},"content":{"rendered":"

The XRP price fell sharply yesterday as a result of Bitcoin\u2019s flash crash<\/a>, as did the entire altcoin market. The price briefly fell by 21% yesterday, plummeting from around $0.64 to $0.505. Although the price was still able to recover above the 200-day exponential moving average (EMA) in the 1-day chart at $0.5712 by daily close, it is still down around 10% compared to yesterday\u2019s high.<\/p>\n

Nevertheless, crypto analyst Egrag Crypto remains<\/a> bullish and was able to take some good out of yesterday\u2019s crash. In his latest analysis of the 1-day XRP\/USD chart, Egrag highlighted that the XRP price is in a preparation phase for an upswing. Egrag\u2019s chart presented on X provides insights into the XRP\u2019s current position and potential future movements.<\/p>\n

XRP Price Gearing Up For An Upswing Soon?<\/h2>\n

Egrag\u2019s analysis starts by revisiting the August scenario where XRP touched the lower boundary of its ascending channel amidst a massive liquidation in the crypto space amounting to $1 billion. Fast-forwarding to the present, XRP is once again at this critical juncture with a similar scale of liquidation occurring yesterday.<\/p>\n

\u201cNow, after five months, it\u2019s revisiting that zone with another aggressive $1 billion liquidation,\u201d Egrag notes. Remarkably, the XRP bulls defended once again the lower trendline of the ascending channel which was established in May last year.<\/p>\n

The XRP bulls<\/a>\u2018 steadfast buying represents a strong bullish signal, particularly as they have maintained the price above the so-called \u201cVal Hell Line\u201d at approximately $0.55. Egrag identified this line as the most crucial support line.<\/p>\n

A fall below this level with the daily candle close could have signaled the beginning of a downward trend. But despite the market\u2019s upheaval, Egrag highlights the bullish sentiment by noting, \u201cSurprisingly, the XRP bulls have staunchly defended this channel, buying into the dip as if there\u2019s no stopping them.\u201d<\/p>\n

Moreover, Egrag emphasized that another retest was pretty \u201cstandard market behavior\u201d within the broader context. He views this retest as a potential consolidation phase, potentially building up to an upswing. \u201cThe bulls managed to triumph over the Val Hell Line, avoiding a daily candle close below it,\u201d Egrag remarked.<\/p>\n

Price Levels To Watch<\/h2>\n

Egrag\u2019s chart also features Fibonacci retracement levels, particularly highlighting the 0.702 level at about $1.1096 and the 0.5 level at approximately $0.7529. Traders traditionally use these levels to gauge potential support and resistance zones, and Egrag\u2019s chart indicates that these levels are important to monitor for the XRP price action<\/a>.<\/p>\n

The 0.702 Fib level could remarkably coincide with a breakout from the trend channel if the price reaches the level between April and May. In conclusion,\u00a0the crypto analyst confidently states, \u201cPersonally, I\u2019m increasingly confident that we\u2019re gearing up for a significant upswing very soon. #XRPArmy, keeping an eye on the broader channel perspective keeps me calm and steady, cool and ready.\u201d<\/p>\n

At press time, XRP traded at $0.5791.<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

The XRP price fell sharply yesterday as a result of Bitcoin\u2019s flash crash<\/a>, as did the entire altcoin market. The price briefly fell by 21% yesterday, plummeting from around $0.64 to $0.505. Although the price was still able to recover above the 200-day exponential moving average (EMA) in the 1-day chart at $0.5712 by daily close, it is still down around 10% compared to yesterday\u2019s high.<\/p>\n

Nevertheless, crypto analyst Egrag Crypto remains<\/a> bullish and was able to take some good out of yesterday\u2019s crash. In his latest analysis of the 1-day XRP\/USD chart, Egrag highlighted that the XRP price is in a preparation phase for an upswing. Egrag\u2019s chart presented on X provides insights into the XRP\u2019s current position and potential future movements.<\/p>\n

XRP Price Gearing Up For An Upswing Soon?<\/h2>\n

Egrag\u2019s analysis starts by revisiting the August scenario where XRP touched the lower boundary of its ascending channel amidst a massive liquidation in the crypto space amounting to $1 billion. Fast-forwarding to the present, XRP is once again at this critical juncture with a similar scale of liquidation occurring yesterday.<\/p>\n

\u201cNow, after five months, it\u2019s revisiting that zone with another aggressive $1 billion liquidation,\u201d Egrag notes. Remarkably, the XRP bulls defended once again the lower trendline of the ascending channel which was established in May last year.<\/p>\n

The XRP bulls<\/a>\u2018 steadfast buying represents a strong bullish signal, particularly as they have maintained the price above the so-called \u201cVal Hell Line\u201d at approximately $0.55. Egrag identified this line as the most crucial support line.<\/p>\n

A fall below this level with the daily candle close could have signaled the beginning of a downward trend. But despite the market\u2019s upheaval, Egrag highlights the bullish sentiment by noting, \u201cSurprisingly, the XRP bulls have staunchly defended this channel, buying into the dip as if there\u2019s no stopping them.\u201d<\/p>\n

Moreover, Egrag emphasized that another retest was pretty \u201cstandard market behavior\u201d within the broader context. He views this retest as a potential consolidation phase, potentially building up to an upswing. \u201cThe bulls managed to triumph over the Val Hell Line, avoiding a daily candle close below it,\u201d Egrag remarked.<\/p>\n

Price Levels To Watch<\/h2>\n

Egrag\u2019s chart also features Fibonacci retracement levels, particularly highlighting the 0.702 level at about $1.1096 and the 0.5 level at approximately $0.7529. Traders traditionally use these levels to gauge potential support and resistance zones, and Egrag\u2019s chart indicates that these levels are important to monitor for the XRP price action<\/a>.<\/p>\n

The 0.702 Fib level could remarkably coincide with a breakout from the trend channel if the price reaches the level between April and May. In conclusion,\u00a0the crypto analyst confidently states, \u201cPersonally, I\u2019m increasingly confident that we\u2019re gearing up for a significant upswing very soon. #XRPArmy, keeping an eye on the broader channel perspective keeps me calm and steady, cool and ready.\u201d<\/p>\n

At press time, XRP traded at $0.5791.<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-34764","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=34764"}],"version-history":[{"count":1,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34764\/revisions"}],"predecessor-version":[{"id":34771,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/34764\/revisions\/34771"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=34764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=34764"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=34764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}