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EGRAG CRYPTO has identified an important level for XRP’s potential $1.98 target. The analyst highlights the critical level of $0.55, which needs to be maintained for the upward movement to continue, referred to as “Val Hell gates”. The analysis conducted by EGRAG focuses on the short-term outlook.
XRP Coin Analysis by Renowned Analyst
EGRAG CRYPTO’s analysis of XRP is based on the coin’s movements, initially focusing on the short-term outlook and building upon a previous prediction.
Following the SEC–Ripple court decision in July, there was a price surge accompanied by a correction in XRP. In August, the price dropped to $0.534. This price level was identified as the bottom region by the analyst.
Additionally, it was shared that a possible confirmation would depend on re-entering the descending channel and closing above the $0.60 to $0.67 range. Following the analysis by EGRAG, XRP moved into a consolidation zone between $0.45 and $0.55. On November 6th, there was a significant increase in the token price, settling above $0.71.
Future of XRP Coin
The recent price movement confirmed the analyst’s prediction. XRP re-entered the descending channel shown in the chart and surpassed the important Fib. 0.382 level at $0.6003. The subsequent correction allowed for testing this level, and currently, XRP is trading at $0.6400.
However, the threat of #Bears attempting to break through the “Val Hell” gates persists.
The analyst also emphasized the need for a daily close above $0.55 to avoid further downside risk for XRP.
Bulls are showing strength, but the challenge continues. While temporary wicks may show flexibility, an uncertain daily close below this important point is unprotected. It is crucial to protect against Bears entering the ‘Val Hell’.
Despite the short-term challenges, EGRAG CRYPTO’s chart demonstrates a flawless movement within a multi-year ascending channel. This analysis reveals a potential future for XRP with a target of $1.9869.
XRP last reached the mentioned level of approximately $2 during the extraordinary surge in April 2021. A recent pump and dump movement involving the BlackRock Spot XRP ETF application has raised questions among crypto investors.
