Analyst Identifies Price Level at Which XRP Would Finally Face Rocket-like Rally

Prominent market watcher Egrag asserts that XRP could finally embark on a rocket-like rally once it is able to break above the much-contested $0.58 price territory.

In a recent analysis, renowned expert analyst Egrag has discussed the future price action of XRP. Egrag utilizes technical indicators, including the monthly Volume Profile Visible Range (VPVR), to identify significant support and resistance levels influencing market directions.

The VPVR is a powerful tool that highlights the preferred price ranges by market participants, commonly known as bulls and bears. 

📊 #XRP Monthly VPVR (Volume profile visible range):

VPVR provides insights into high-volume preference ranges, acting as support/resistance levels. #Bulls & #Bears r battling at these significant levels, influencing future price action.

POC (Point of Control) at… pic.twitter.com/tkdvT8srOK

— EGRAG CRYPTO (@egragcrypto) July 5, 2023

These ranges act as crucial support and resistance levels, ultimately shaping the direction of the asset’s value. By examining the VPVR, Egrag has identified key battlegrounds where the bulls and bears are currently clashing, thereby influencing the future movement of XRP.

According to Egrag’s analysis, the Point of Control (POC), located within the $0.30 to $0.35 range, stands out as a significant support level. 

The POC represents the price level at which the highest trading volume has occurred, indicating a significant area of interest for market participants. XRP’s price gravitates towards this level, reinforcing its strength as a support barrier.

XRP Needs to Break $0.58

In addition, Egrag highlights the upper and lower boundaries of the Value Area, denoted as VAH and VAL, respectively. In the case of XRP, the VAH is located at $0.58, while the VAL sits at $0.17.

These boundaries define the price range within which most trading activity has occurred. Therefore, breaching the upper boundary at $0.58 would signify a significant breakthrough for XRP.

Notably, XRP’s latest attempt to break above the $0.58 territory occurred in late March. XRP capitalized on the concentration of retail investors, especially in the Korean market, to stage a solo rally from Mar. 20. However, the asset faced resistance at the high of $0.5850 attained on Mar. 29.

Egrag’s analysis suggests that closing above the crucial level of $0.58 would trigger a potentially explosive price surge for XRP. Such a breakthrough would create an open high, generating a sense of Fear of Missing Out (FOMO) among investors. 

The analyst does not set up any specific price targets. However, he asserted that the resulting surge in demand from the FOMO trend could propel XRP’s price to rocket-like levels, offering an exciting opportunity for investors.

It is important to note that while Egrag’s analysis provides valuable insights, market conditions can be unpredictable. Investors should exercise caution and conduct thorough research before making any investment decisions. 

At the time of reporting, XRP is changing hands at $0.4673, trading flat in the past 24 hours. 

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• Source: https://thecryptobasic.com/2023/07/08/analyst-identifies-price-level-at-which-xrp-would-finally-face-rocket-like-rally/?utm_source=rss&utm_medium=rss&utm_campaign=analyst-identifies-price-level-at-which-xrp-would-finally-face-rocket-like-rally