How XRP Price Could Surge To $1.5: Crypto Analyst Explains Key Factor

Name	Symbol	Market	Market Cap ($)	Algorithm
Ripple	XRPUSD	Crypto	31,212,974,196	Not Mineable

Name

Symbol

Market

Market Cap ($)

Algorithm

Ripple

XRPUSD

Crypto

31,212,974,196

Not Mineable

	Price Change	Price Change %	Current Price	Bid Price	Offer
	0.0291	5.41%	0.5669	0.5665	0.5668

Price Change

Price Change %

Current Price

Bid Price

Offer

0.0291

5.41%

0.5669

0.5665

0.5668

High Price	Low Price	Open Price	Prev. Close	52 Week Range
0.5755	0.5326	0.538	0.5378	0.382490 - 0.852600

High Price

Low Price

Open Price

Prev. Close

52 Week Range

0.5755

0.5326

0.538

0.5378

0.382490 - 0.852600

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	15:23:06	52.93	0.5669	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

15:23:06

52.93

0.5669

USD

Price x Volume	Volume	Base Symbol	Related Pairs
58,137,920.14	105,477,880.58	XRP	XRPEUR	XRPGBP	XRPBTC

Price x Volume

Volume

Base Symbol

Related Pairs

58,137,920.14

105,477,880.58

How XRP Price Could Surge To $1.5: Crypto Analyst Explains Key Factor

07/12/2023 8:45am

NEWSBTC

Crypto analyst Egrag has published a new short-term price prediction for XRP, indicating a possible rise should the price overcome a critical technical hurdle. Egrag’s analysis looks at the 12-hour chart of the XRP/USD trading pair, where a trend channel breakout could trigger a short-term buy signal. XRP Price Breakout Imminent? According to the crypto analyst, the price has recently been moving within a descending channel (DC). Now, XRP is at an inflection point that could have a significant impact on its price. Egrag has identified the structure as “DC B”, a bearish pattern where the asset has formed lower highs and lower lows. A key focus of Egrag’s analysis is XRP’s interaction with this pattern. Since the beginning of the chart pattern, the price has twice touched the upper trend line, which serves as resistance, and twice touched the lower trend line, which serves as support. Related Reading: XRP Price: Crypto Analyst Anticipates 65,000% Rally Signal Today Currently, the XRP price is about to retest the upper line of the trend channel for a third time. Should it succeed in breaking out of the downtrend channel, this would be an extremely bullish sign. From mid-July to the end of October, the price was already in a descending channel, which Egrag refers to as “DC A” in the chart. After XRP broke out of the downward channel A, the price rallied by over 50%. Something similar could happen now if history repeats itself. Egrag explained, “XRP seems to be mirroring its previous price action within a descending channel (DC). Check out the chart below to see how price is attempting to break out of DC B. The next challenge for XRP is to surpass descending channel B to reach Fib 0.5.” What’s Next? Should a breakout succeed, the 0.5 Fibonacci retracement level at $0.7529 would be the next major resistance in Egrag’s chart. An upward breakout above this level could indicate the start of a trend reversal that could drive the price towards the $1.30 to $1.50 range. Related Reading: XRP Price Set To Skyrocket 1,100% On This Signal: Crypto Analyst “A breakthrough past the 0.5 Fibonacci level hints at upward momentum, signaling a shift from a downtrend to a potential uptrend, instilling confidence. […] Pay close attention: Fib 0.5 at a price target of 0.7529c could be the gateway to a potential move towards 1.3-1.5$,” Egrag explains, suggesting that such a move would be an important indicator for traders. In conclusion, Egrag advises investors to keep a close eye on trading volume and overall market sentiment, as these factors will play a crucial role in the asset’s ability to reach and exceed these crucial levels. At press time, XRP traded at $0.63959. Featured image from Shutterstock, chart from TradingView.com

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XRPUSD Ripple