XRP price has experienced a strong rally along with the entire cryptocurrency market over the past few hours. XRP has temporarily risen by more than 5% and is approaching a key resistance area, which, if broken, could trigger a strong and impulsive “God Candle.”
Well-known cryptocurrency analyst Egrag has released his latest technical analysis of XRP’s price trajectory, sparking excitement in the cryptocurrency community. Using a 3-day XRP/USDT price chart, Egrag brought attention to several key moments and trends. “XRP Gods Candle is coming soon,” Egrag tweeted.
The Berlin Wall of resistance for XRP prices
In his analysis, Egrag likened XRP’s resistance level to the infamous “Berlin Wall,” describing the resistance as both formidable and close to collapse. “Fast forward to today, and XRP is still chipping away at its own ‘Berlin Wall’ resistance. With every little squeeze, this formidable barrier moves closer to its inevitable collapse,” Egrag said.
The $0.5574 “Berlin Wall” acted as strong support between May 2021 and May 2022. Egrag’s chart shows two key moments when the price level acted as significant support. However, in early May 2022, the XRP price fell below this support level. Since then, XRP has been rejected at the Berlin Wall at two key moments.
Despite the first God Candlestick, the wall was only overcome for a short time after the summary judgment in Ripple’s lawsuit against the SEC. Within 4 weeks, the price fell back below the price level. However, Eglag believes that now the wall seems to be collapsing and resistance is becoming less and less.
The analyst highlighted the potential upside of the upcoming breakout: "The potential breakout that is about to occur is bound to be spectacular. My expectation is that XRP is about to move, and I expect its price to fall into the impressive range of $1.10 to $1.40."
Egrag also highlighted the clear “W” pattern that has emerged in XRP’s price action over the past two months. This pattern has historical significance and is often associated with trend reversals and strong price momentum.
“Now, let’s take a closer look at the current technical analysis. It’s clear that XRP is forming a unique “W” pattern,” Egrag noted, hinting at a bullish outlook, “This pattern suggests a steady rise in its price to around $0.65.”
Rebound
Furthermore, the $0.65 mark is more than just a random number in Egrag’s analysis. A successful breakout of this resistance level could set the stage for a bullish trend and a short-term retest of the $0.55 to $0.58 range. Egrag stressed the importance of this level and said, “Our next important milestone is around 65 cents, a successful breakout of which would indicate a bullish trend.”
The climax of Egrag’s prediction focuses on the potential for a “bounce back” — a term he uses to describe a quick and powerful rebound in XRP’s price. If such a rally materializes, Egrag is optimistic about the coin reaching the $1.10 to $1.40 range.
Egrag ended his update with a message to XRP’s ardent followers, affirming: “Stay steady XRP army, our time in the spotlight is coming and your unwavering commitment will soon be rewarded.”
At press time, XRP was trading at $0.5422 and was rejected on the first attempt at the .236 Fibonacci Retracement level ($0.5539).
